Finance Committee, April 12, 2017

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, April 12, 2017 — Carriage House

 

Present:  Greg Roth (Chair), Charlie Amezcua,, Tokasa Buinimasi, Chris Bowen, Jack Breglio, Heather Young (Recording Secretary)

Absent: Marty Thompson, Mike Ferrel, Peg Ferrel, Mary Brunet (Business Administrator), and No Representatives from Trustees, Staff Parish, or Lay Leadership

 

Greg Roth called the meeting to order at 7:05 pm and began with a prayer.

 

Approval of Minutes

Minutes of the previous meeting were approved with a motion by Jack, a second by Tokasa, and unanimous approval.

 

Finance Report

Total Income for the first quarter of 2017 was 3.72% less than expected and 18.34% less than Total Income for the first quarter of 2016.  Total Expenses for the first quarter of 2017 were 3.1% less than expected and 1.23% more than Total Expenses for the first quarter of 2016.  Total Expenses exceeded Total Income by $20,805.38 during the first quarter of 2017.  The operating checking account balance was $51,479.40 at the end of March.  Last year at this time the operating checking account balance was $79,570.28.  The mortgage checking account balance was $91,871.51 at the end of March.  Last year at this time the mortgage checking account balance was $130,920.51.  Over the last 12 months, the operating and mortgage checking account balances have fallen by about 35% and 30%, respectively.

 

These trends in FUMC’s financial condition are worrisome.  If the spring stewardship campaign is not successful, and expenses are not reduced, the Church will likely face a cash shortfall later in the year.   

 

Greg will check with Paul O’Rear (head of Church Council) and Naomi Niimi (acting head of Staff Parrish) to be sure plans are in place for 5% and 10% cost reductions.

 

Tokasa stated the Fijian Community will be contributing an additional $10,000 in 2017.

 

Spring Stewardship Update

Underway by Norm Bryan and to be concluded May 21.

 

Plant Sale Request

Heather moved and Chris seconded the motion to approve a Plant Sale in early May at the Stony Point Community Garden.

 

Task Force to Analyze Income Generation and Real Estate Sale

Greg and Heather reported on the progress of the Asset Task Force which has been formed to address options for overcoming this year’s projected budget deficit of $125,000 (rounded).

 

Financial Controls Report

            Money Counters - More are needed on Mondays 8:30 to 9:45.

            Check Signers - Greg reported all is settled on this.

            Review of Bank Reconciliations – Peg and Greg have begun this monthly review.

 

The meeting adjourned at 8:45 p.m. with a prayer by Chris.

 

Next meeting: 7:00 p.m. May 10, 2017 - Carriage House

 

Respectfully submitted by Heather Young, Recording Secretary.

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Wed, 04/12/2017 - 19:00