Read here: Board Approved Budget Proposal FY 22 w salaries
Treasurer’s comments on the Proposed Budget
The Policy Board is proposing a balanced budget for the upcoming fiscal year 22. Expected income and expected expenses are each projected to be $527,550.
Expected income includes pledges, traditional fundraisers, other income and a drawdown on Reserves.
Pledges are up 2.7%, and fundraisers are budgeted lower than historical levels due to the uncertain impact of Covid pandemic recovery.
Included in other income is a new category, Anticipated Income of $15,000. Historically we have typically ended the fiscal year better than projected by approximately $15,000. We receive unexpected additional donations and gifts and spend slightly less in various expense categories. It has been difficult to project and budget these and we have presented unbalanced budgets in the past. This year we wanted to return to balanced budgets, and so created this new line item. While historically we have realized this amount, there is a risk it will not materialize.
We are budgeting drawdowns from reserves of $34,550, which includes $10,000 from our endowment fund. The fund permits transfers for operating expenses, although we have only done it once before. Withdrawals are only made from the income earned portion of the fund, never the principal.
Expenses include a 2% increase for our staff, with no new positions added. Our goal is to compensate our staff according to UUA guidelines, and we have achieved that except for our minister. We are approximately $20,000 below the ministerial guidelines for a church our size. There is a $4,000 increase in this budget to begin to address the difference.
Administrative expenses are increasing $4,400; our UUA annual dues are up $2,000 to $2,780, and our telephone/internet expense is up $2,400 for improvements for Zoom services.
Building and Grounds budget is down $6,000, primarily due to mortgage expense declining from $37,000 to $32,500 based on interest rate reduction and additional principal payments.
Program expenses are increasing by $1,500, which is our dues for the Greater Hartford Interfaith Action Alliance (GHIAA), and Religious Education budget remains unchanged.
