(Note:  This week's Financial Update)

Temple Talk, March 29, 2009

Good morning, I’m Jessie Carlson, President of the Gloria Dei Council.  A few weeks ago, Dan Smith, Council Treasurer was before you discussing Gloria Dei’s financial situation.  I’m here today to give you an update and to thank you for your generous response to Dan’s message last month.

Just to recap briefly, in January we had an operating deficit of $13,700 and had withdrawn $20,000 from our operating reserve.  In addition, our revenue was lagging behind budget for 2009 and from last year at this same time.  Our offering income was nearly 19% behind last year and 10% less than budgeted for 2009.  As a result, Council felt the need to examine the 2009 budget, to determine where cuts could be made and to plan for some contingencies should things not begin to improve and our budget deficit continue to grow.

I am happy to report our pledged giving is now at 95% of budgeted, demonstrating this congregation’s commitment to the ministries of Gloria Dei and of the presence of God’s grace at work in us.We are most grateful to you.

Although this is good news, Council and staff continue to monitor our budget carefully and spent the month of March looking at ways to obtain budget savings with the goal of reducing the operating deficit.  We literally went line by line through the budget and came up with $22,000 in savings by making several cuts to budgeted expenses.  These cuts are being implemented immediately.  We’ve done things like replace a full-time custodial position with a part-time position.  We’ve cut professional development expenses and equipment expenses.   It’s important to note none of the cuts being implemented so far effect Gloria Dei’s ministries or staff livelihoods.

Council plans to continue to monitor the financials closely and to hold off on any deeper cuts, including possible staff salary reductions, until we see where we are at the end of April.

In addition to the improved pledged giving, another positive to report is the fund-raising effort for a new sound system has almost reached its goal.  As you may recall, a new sound system was tested here several months ago with great success in improving access to our wonderful worship services for those in our congregation with hearing issues.  We are pleased to report we are within $5000 of reaching our goal of $30,000.  That $30,000 will then be matched by another $30,000 from Gifts, Grants and Memorials Committee, allowing us to purchase the new sound system. 

God’s blessings are truly upon us through your continued generosity during these most challenging times. I invite you to read the bulletin and check the Gloria Dei website to stay informed and get updates in the weeks to come.  Please also pray for our congregation and its leaders as we move ahead in our work together.

Thank you for your attention this morning.