Financial Report June 2017

June 2017 June 2016 June YTD 2017 YTD Budget June WTD 2016
Local Contributions $19,111 $21,457 $121,061 $127,200 $129,358
Other Income $5,134 $2,848 $31,989 $29,406 $30,530
Total Income $24,246 $24,305 $153,050 $156,606 $159,888
Office & Admin $1,977 $1,238 $8,481 $9,250 $10,748
Building $3,115 $2,559 $23,294 $25,113 $24,698
Ministries $645 $555 $3,688 $5,925 $4,314
Salary & Benefits $19,778 $27,151 $122,196 $125,057 $128,771
Presbytery/Conf $1,660 $1,500 $9,961 $9,960 $9,110
Other Expenses $1,962 $511 $6,535 $5,627 $4,962
GST $196 $168 $603 $750 $1,242
Total Expenses $29,334 $33,682 $174,758 $181,683 $183,845
Net Income ($5,088) ($9.377) ($21,709) ($25,077) ($23,957)

Comments:

 

Income:

Local Contributions declined in June relative to May and relative to last year. This is an ongoing trend of reduced contributions in 2017 through PAR and Sunday collections. The reduced Local Contributions was offset with higher one-time Other Income in June. Overall Total Income in June was very close to last year but lower on a year to date basis.

 

Expenses:

Total Expenses in June were well below 2016 primarily because of lower costs in Salaries and Benefits, even though Office and Admin, and Building expenses were higher this year. The lower Salaries and Benefits costs is a phasing issue rather than an ongoing lower costs. 2017 budget numbers still reflect expected costs. Year-to-date expenses continue to track below budget and below last year.

 

Net Income: Our Net Income in June was negative $5,088. Net Income on a year to date basis is negative $21,709 which is $3,368 less negative than budget and $2,248 better than last year at this point. Although this is somewhat encouraging, the expected return to budgeted expenses will push our negative net income higher in future months without a large improvement in givings.