finance news:
‘Prudent’ measures will help prevent budget shortfall, officials say
By Annette Bender
Giving to apportionments is higher than it was this time last year, conference leaders recently announced. However, the economic downturn has affected the interest income Holston Conference has benefited from in years past.
Meeting with ministry teams and staff members earlier this month, leaders said they are taking steps to offset a potential budget shortfall in 2002 and 2003.
"We're just being prudent so we can avoid a deficit," said the Rev. Ron Matthews, director of finance services and stewardship.
Total income for 2002 could result in some ministry programs not being fully funded – unless "Fair Share" apportionments are paid 100 percent, Bishop Ray Chamberlain said. Historically, Holston churches have given about 90 percent of their apportionments. The remaining 10 percent has been supplemented by income generated by the conference's deposits and reserves. The downturn in the economy changed that.
"While we hope and pray for an economic recovery and renewed returns on our deposits, the reality is we have lost our cushion," Matthews said. In addition to reducing spending, conference leaders said they would appeal to congregations to pay their apportionments. The Council on Finance and Administration is meeting in October to provide additional guidance.
Despite the economy, Chamberlain commended Holston congregations for giving more than they did in 2001.
"We're .5 percent ahead of where we were this time last year," Chamberlain said. "We want to give our people credit for that."
He added, "We want people to know that every penny they give [to Fair Share] is important. Some of our ministries haven't been accomplished this year." More information will be provided in the weeks to come, Chamberlain said.
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