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Joe Ferrell, Chair

The vestry's finance committee has received the reports of the budget subcommittees and is beginning the difficult process of trimming expenditure requests to fit anticipated income.

The good news is that the response of those who have sent in their pledges as of the second week in December has been excellent. The average pledge is up considerably over last year. We are still waiting to hear from at least 175 individuals and families who pledged last year but have not yet responded. For that reason, it is difficult to project the final canvass results at this time, but the vestry remains optimistic.

The bad news is that our anticipated income from sources other than pledges is down from 2001 by more than $50,000 due to a steep decline in anticipated income from investments and a drop in undesignated gifts. For this reason, (and because of greatly increased health insurance costs for 2002), it appears that the lion's share of any increase in pledged income will be needed to maintain existing programs at current levels and to grant a small cost-of-living salary increase to our clergy and staff.

When the finance committee met on December 4 to begin final budget review, we learned that we will need to trim at least $40,000 from budget requests for 2002, even if the canvass results in a 10% increase in pledges. If you have not yet made your pledge, now is the time. If you have already pledged and have the means to give more, please consider increasing your commitment. We can put it to good use!

© 2002: Chapel of the Cross