Episcopal Executive Council hears that 2009 budget could run a deficit

Shortage of $2.5 million would be balanced by surpluses in 2007, 2008
By Mary Frances Schjonberg
October 22, 2008

[Episcopal News Service] [Helena, Montana] The Episcopal Church's Executive Council heard October 22 that the church's 2009 budget, if council members approve it, will have a $2.5 million deficit.

However, Treasurer Kurt Barnes told council members that the entire 2007-2009 triennial budget will be balanced, as required by the Episcopal Church's Constitution and Canons. There were surpluses of $1.2 million in 2007 and $2 million in 2008, Barnes said.

Projections for the 2009 budget anticipate $54.6 million in revenues compared to $57.1 million in expenses. Barnes said that, given the triennial nature of the budget and the previous surpluses, the 2009 budget "could suffer a deficit of $2.8 million" and still be balanced.
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