St. Edward’s Parish Finance Council

Meeting MinutesMarch 27, 2018

Attendance: Fr. Brendan Manson, Donna Upton, Rod Foster, Nancy Trujillo, Stephanie Espinosa,Linda Ramirez, Cathy Muzzy, Randy Redwitz

Opening Prayer: Fr. Brendan

Review of February Meeting Minutes: Minutes reviewed from previous meeting and approved.

School Budget FYE 18-19

  • Budget assumptions include 725 students for Tyke-8th grade and 95 for Preschool enrollment. Current enrollment (Tyke-8th: 742, PS: 85)
  • Salaries Allocation from Church to School: Fr. Brendan, Barbara, Cathy and Rod met during March and agreed to maintain allocation of accounting and custodial salaries at 50% (including new staff accountant position), as well as add 50% of Business and HR Manager salaries that will be hired. In this meeting it was also agreed that payroll burden (benefits and payroll taxes) would be split 50/50 between the Parish and the School effective for the FYE 19-20 budget.
  • Utilities allocation from School to Church for electricity/water increased from 60% to 80%, gas increased from 30% to 40%. Actual billing history was reviewed to project expense for FYE 18-19 budget.

School Financials: February 2018 Review

  • Positive variance for both the month of February and year to date, mostly related to higher tuition income actuals versus budgeted income. YTD expenses tracking well.

Church Financials: February 2018 Review

  • Sunday contributions YTD positive variance of $41K, as well as $17K positive variance for the month of February.
  • Administration salariesrunning under budget,savings to be used to fund transition of retiring Business Manager when new hire takes place.
  • Overall general and administrative expenses are under budget and tracking well.

Liturgy and Parish Ministry Budgets FYE 18-19

  • Liturgy budget approved. Adding $1K to Decorations, eliminating a total of $1.25K in other categories that haven’t been used in several years. Decreasing Envelopes/Missals line item by $2K due to it running under budget for the last few years.
  • Parish Ministry Budget approved. Welcome Reception line item decreased due to one less reception (due to projected Spring 2019 construction and Knight Hall not being available). New line item, “Spanish Ministry events/retreats/training”.

Business Office Reorganization-New Staff Positions

  • Interviewing will be taking place across the next few weeks.

Capital Campaign Update

  • $6.5M raised through the end of March.

Pastoral Center Update

  • Randy will assist with presentation of the Pastoral Center project to Diocesan Finance Council on Wednesday April 25th and help address project budget, capital campaign details and funding gaps and or loan requirements.

Capital Expenditure

  • Barbara presented 3 to 4 AC units for school ($50-$80K) projected Summer work; Gym floor replacement ($83K) projected for July 2018 and Projectors for the Church ($30K) projected for July 2018; All projects were reviewed and approved by the Finance Board.

School Endowment Fund and Special Interest Fund Distributions

  • OCF recently requested that annual distribution options be revisited for each of the funds held by OCF on behalf of the School. Dr. Muzzy recommended that no distributions be taken from either fund due to current budget and next fiscal year’s budget meeting funding needs of the school. Finance Council agreed.

Schedule for 18-19 Budget Proposals

Faith Formation and Youth Ministry: April 24th(Donna, Laura & Stephanie) ** rescheduled

Church: April 24th (Nancy and Barbara)

Meeting Schedule for 2017-2018: (Fireside Room)

April 24, 2018 from 6:00PM – 8:00PM

May 29, 2018 from 6:00PM – 8:00PM

June 26, 2018 from 6:00PM – 8:00PM