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Overview of 2009 Budget

Overview of 2009 Budget. Context and Rationale for Recommended Budget. Budget Process.

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Overview of 2009 Budget

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  1. Overview of 2009 Budget Context and Rationale for Recommended Budget

  2. Budget Process • Brian Heckler, Treasurer, led the process with help from Eric Haab, Finance Chair, and the rest of the Finance Committee and input from Staff, Committee Chairs (especially those with “big” budgets), and General Board • Staff members and Committee Chairs had great latitude to decide how best to cut expenses and still deliver quality programming • The General Board discussed the 2009 budget at the December and January meetings and two special sessions on Sundays, January 11th and 18th, starting at 8 AM and running right up to church (fueled by doughnuts and coffee supplied by Mimi) • The discussion was an honest, thoughtful, and spirited debate, and the recommended budget was approved by over 2/3rds of the General Board

  3. Guiding Principles The following principles guided the General Board’s thinking about the 2009 budget: • Continue to deliver high quality programming • Protect and retain our permanent staff • Preserve our cash • Balance the impact of reductions across all of our constituencies

  4. Key Questions • What is an acceptable deficit given our operating reserves and the economic situation? - The General Board voted to accept a deficit of $25,000. • What amount do you believe is appropriate for Co-operative Ministries? - We have historically given 10% of contributions per the goal in our By-Laws, but the General Board now recommends 4%., which is a reduction of roughly $30,000 • What should we budget for on-going building maintenance and repairs? - The General Board recommends a $20,000 budget (vs. historical figure of $40,000 - $50,000 and requested figure of $80,000), which means deferring long-term repairs and banking on a reduction of on-going maintenance and repairs due to the efforts of ROSS.  

  5. Key Questions, cont’d • What activities and programs can be “restructured” to save money? – Several activities and programs affected, e.g., Mid-Week Recharge to be self-supporting, no Youth Director but a Youth administrator, and less special music, and other “nice-to-have” amenities, but many others kept “as is” due to creative thinking and an anonymous donor. • Based upon answers to these key questions, the General Board recommended a budget that maintains permanent staff but with a roughly 10% cut in compensation and added responsibilities since temporary staff is being reduced –A task force is being formed to review staff workload and assignments to consider the implications of the changes the budget will place on our staff.

  6. Want Some Stone Soup? • While this is a challenging situation, it is also an unique opportunity for Lake Street Church to make its own version of Stone Soup • On February 8th we will, in all likelihood, vote on a budget for 2009, and once that is done the process of living with a more austere budget and growing stronger as a community begins • This could mean a whole host of things, including creative and fun ideas for fund raising (many have already been hatched), finding ways to cut cut cost, pitching in to help out as a volunteer, learning to do with less (but getting more), etc. • Each friend and member of Lake Street Church will need to offer their own special ingredient for our Stone Soup such that our church is tastier and more nourishing than ever before

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