2022 / 23 Budget Update

2022 / 23 Budget Update

We are approaching the end of our financial calendar year for 2022. In Admin and Elder’s meetings, I always say that if nothing (big) breaks, the are no staffing gap, and our member giving is good, then our finances will be fine. Well, it is looking like in 2022 our finances will be fine. This is not a suggestion to re-direct your December pledge. J Rather, based on our current position through the end of October, we are within 1% of a balanced budget. This very small deficit will be closed as and when we, the members, get our pledge commitment from 98.5% to 100%, which usually happens as we arrive at year end. So, for those of us who might have gotten a bit behind and have the ability to catch up on the pledge, please feel invited to do so.

Looking ahead to 2023, the picture is not quite as rosy. Budgets are not our statement of faith, but they are *a* statement of our faith. As such, there are certain financial commitments that we have historically made as a congregation that will be more challenging in the current high inflation environment, with our region’s CPI up 7.8% in the last 12 months. For example, maintaining our discipline of giving staff raises at least equal to inflation would add about twenty thousand dollars to our budget next year. There are also various building related costs that can’t be avoided and are also subject to significant inflation, e.g. insurance and utilities.

Now, this is not a budget presentation, that will wait until Annual Meeting, but Elders did want to share this forecast with all of us as we all think about our 2023 pledges.

If anyone has any questions or concerns about Old First’s finances, please reach out or find me at church.

Yours in Christ,

Jonathan V, Treasurer