A realistic view of St. Paul's finances in 2022
At the annual congregational meeting on Jan. 23, St. Paul’s approved a budget with a deficit of about $113,000 for 2022, following an increase in the pay and introduction of a benefits package for Fr. Phil as well as the commitment of the Vestry to fund a full-time priest-in-charge, rather than search for a part-time priest. The deficit is expected to be funded largely through the endowment, which has grown to more than a million dollars (depending on the markets).
About four years ago, Vestry adopted policies to restrict use of investment/endowment funds to capital expenses and to fund new ministries – a policy that could be waived only by a vote of two-thirds of Vestry. Vestry has done that, seeing a full-time priest as having a crucial role in growing St. Paul’s again. And we’ll continue throughout 2022 to look for new ways to serve the parish and our broader community.
To learn more about St. Paul's in 2021 and looking ahead to 2022, please read the annual report below.