From UCE Treasurer, Susan Comstock
Thanks to all in our congregation for steadfast support, both spiritually and financially. As those who came to the budget townhall this week heard, the socially distancing requirement of the pandemic has hit our budget in two significant ways: first, we have had a significant loss of rentals, and second we have had to postpone holding our annual rummage sale. There have been some small savings from the building shutdown, but ¾ of our operational expenses are staff salary and benefits. Fortunately, most of our staff has been able to perform their duties (very ably!) from home. The employees who cannot or have reduced responsibilities (lobby, kitchen, childcare, and custodial) are being fully paid through at least the end of the fiscal year on June 30, at which point we hope to have the building open again. As a result, we are currently predicting a loss of $26,000 for this fiscal year. The good news is that we started this year with over $100,000 in operational reserves, thanks to careful financial management over the last few years. So while this loss reduces our reserves, we have the cash on hand to get through it.
For the new fiscal year starting July 1, first off, thanks to all for participating in our annual pledge drive in the midst of uncertain times. The result of the drive was a 3-4% reduction in pledges compared to last year—not a surprise given that some congregants have lost their income. We are also expecting somewhat lower results from rentals and fundraisers this coming year given what is likely to be a slow return to normalcy. As a result, for the first time in years, we do not expect to be an honor congregation with the UUA, as we have budgeted to cut our dues by 50%. We are pleased that we are planning to maintain all staff positions, but are planning no pay raises. And we are planning to tap into Endowment distributions to pay for building repairs and maintenance that may arise over the year.
Next year’s budget will be sent out with the annual meeting package, and will be voted on by the congregation at the annual meeting on May 17th—please plan to attend as we need a quorum in order to conduct our official business of elections and budget passage.
Questions, concerns or comments about this year’s finances or next year’s budget? We would like to hear from you—please email me at susan.l.comstock@gmail.com.