Magazine article Anglican Journal

'Reality Check' Needed after Budget Shortfall

Magazine article Anglican Journal

'Reality Check' Needed after Budget Shortfall

Article excerpt

With a deficit of more than $500,000 for 2004, the financial management and development committee of General Synod (the national office of the Anglican Church of Canada) may have to amend the 2005 budget, said treasurer Peter Blachford.

The 2005 budget forecasts revenues of $10.57 million and expenditures of $10.72 million. Un-audited year-end figures for 2004 show a drop of $130,000 in diocesan contributions, a $150,000 shortfall from Anglican Appeal and a loss of $225,000 from the Anglican Book Centre (ABC), the church's retail arm.

Briefing a winter meeting of the Council of the North, a grouping of financially-assisted dioceses, Mr. Blachford said General Synod is operating under a "hold-the-line" budget.

"There was a reality check after year-end figures which showed that returns were down," said Archbishop Caleb Lawrence, vice chair of the Council, which met in late February in Winnipeg.

In an interview, Mr. Blachford said he remained optimistic that the 2005 budget would remain balanced since any discrepancy between revenues and expenditures will be offset by the anticipated recovery from the federal government of money relating to residential school expenditures; internally designated trusts and expected reimbursements from the final settlement of General Synod's new building will also be brought in as income.

But, he said, "we'll have to meet and look at the budget assumptions we made and see if these are realistic given what we know happened in 2004." He said that some adjustments might have to be made when the financial management and development committee meets this month.

Last November, the financial management and development department had projected a shortfall of $200,000; it also projected 2004 expenditures to be over-budget by $264,000 due to additional costs associated with the move from the old offices at 600 Jarvis St. …

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