Finance Committee, Mar 8, 2017

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday,  March 8, 2017 — Carriage House

 

Present:  Greg Roth (Chair), Charlie Amezcua,, Jack Breglio,, Peg Ferrel (Lay Delegate to Annual Conference), Marty Thompson, Heather Young (Recording Secretary), John DeGroot (Rep from Trustees), and Mary Brunet (Business Administrator).

Absent: Tokasa Buinimasi, Chris Bowen, Mike Ferrel (Lay Leader)

 

Greg Roth called the meeting to order at 7:00 pm, beginning with a scripture reading and a prayer.

 

Approval of Minutes

Minutes were approved via email prior to the meeting, and posted to the FUMC website.

 

Finance Report

Looking at February results, the church has spent somewhat less than projected, bringing us in at
approx 96% of projected expenses. Greg identified one reason as the Worker’s Comp payments to-date. This situation is temporary, according to Mary, and will be corrected in April when new premium amounts will be determined for both the Church and the Preschool. Another reason is reduced ministerial salaries, health care and payroll taxes. Mary was unsure of the reason behind this, but believes it is also a temporary situation.

 

2017 Budget Overview

Greg recapped the Budget Summit in February and reviewed that there is currently a budget deficit of approximately $125,000. At the Summit, there were four areas of action proposed by Greg. Heather attended the follow-up Special Church Council meeting to determine actions and reported the results of that meeting.

  • Current budget was approved as “provisional” with the deficit of nearly $125,000.
  • Replenishing funds to Mortgage Fund as approved in 2016 will NOT be undertaken, as it would add to the deficit amount (approx $22,000).
  • Adopted a year-round stewardship program which will report to Church Council, not Finance, and hold a mini-stewardship campaign this Spring (probably in May). All CC members are to suggest candidates for this new Stewardship Campaign Committee.
  • Requested that all FUMC spending units prepare budget plans for 5% reduction and 10% reduction from current adopted provisional budget effective 7/1, due by 3/11.
  • Evaluate and present plan for spending down current fund balance operating and mortgage reserves to minimum balances. (Finance Committee task)
  • Establish a Task Force to evaluate current FUMC assets and investigate possible sale or income-related uses for selected assets. (This task is as-yet unassigned.)

 

Upcoming CC Meeting  Greg has developed two items for the 3/11 mtg

  • a plan for spending down the reserves
  • a cash-flow projection for 2017, showing monthly timing of revenue and expenses - the purpose of which is to identify when our budgeted spending will likely deplete our balances below minimum level

 

Financial Controls Report

            Money Counters - current counters are working out and meet the auditor’s and Book of Discipline requirements

            Check Signers and Review of Bank Reconciliations - Mary will do further work on this.

 

The meeting adjourned at 8:41 p.m. with a prayer by Marty Thompson.

 

Next meeting: 7:00 p.m. April 12, 2017 - Carriage House

 

Respectfully submitted by Heather Young, Recording Secretary.

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Wed, 03/08/2017 - 19:00