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Diocesan Synod 10 July 2013. Bath & Wells Diocesan Board of Finance Pre-Budget 2014: Looking Forward Current Year 2013 Proposed Budget 2014. Harry Musselwhite FKC Chairman of the DBF. CURRENT YEAR 2013: APPROVED BUDGET. Common Fund increased by 3.7% after 2 years of freezes

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Diocesan synod 10 july 2013

Diocesan Synod 10 July 2013

Bath & Wells Diocesan Board of Finance

Pre-Budget 2014: Looking Forward

Current Year 2013

Proposed Budget 2014

Harry Musselwhite FKC

Chairman of the DBF


Current year 2013 approved budget
CURRENT YEAR 2013: APPROVED BUDGET

  • Common Fund increased by 3.7% after 2 years of freezes

  • Budget break-even, 3 years earlier than planned

  • Challenging year with a number of risk areas:

    • Parish Share collection rate

    • Parochial clergy vacancies

    • Timing of additional investing for income return

  • Half-way through 2013, seeking break-even but may end year with a small deficit


Proposed budget 2014
PROPOSED BUDGET 2014

  • Budget Day meeting just a week ago

  • Proposed Common Fund increase of 1.9%

  • Break-even Budget (as 2013)

  • Expenditure increase of 0.6%

  • Approval at next Diocesan Synod in October

  • Expectation that Common Fund increases for 2015 and 2016 will also be kept below 2%

  • Additional risk area 2015 – increased requirement in clergy pension contribution


Key Financials – General Fund £m

  • Common Fund increases 2013 and 2014

  • But Other Income streams also increasing

  • Expenditure being contained

  • With Budget break-even 2013 and 2014


Inflation, Common Fund and Expenditure

  • Common Fund

    • frozen in 2011/12 when inflation over two years between 7% to 8%

    • increase 3.7% in 2013 ahead of inflation (budget break-even)

    • increase to be kept below 2% in 2014

  • DBF Expenditure

    • cut in real terms 2011/12 and below inflation 2013/14


Concluding Thoughts

Membership; Population; Common Fund and non-collection

  • Continuing membership decline of ~2% each year with the Somerset population increasing year on year

  • Bath & Wells continues to have one of the highest Common Fund collection rates across dioceses

  • However, every 1% not collected amounts to £90k

  • For the past five years (2008 to 2012), provisions for non-collection of Common Fund totalled £668k

  • £600k of this was not budgeted and had to be drawn from reserves

  • Non-payment affects the DBF’s ability to meet all its commitments as emphasised in recent film


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