Stewardship Resources

Money Management

OPERATING EXPENSES

     It is important that you all know how well we manage our expenses at St. Stephen’s. For the past 4 years that I have been recording our finances, I am pleased to note that we have never exceeded the overall budgets agreed to at Annual Vestry. At the same time, we have always met or exceeded our Diocesan commitments as well as our support to the Southdale Chaplaincy, Daily Bread and PWRDF in addition to other outreach projects which arose.  In the years when we knew we would experience a significant reduction in payroll expenses, we decided to budget for a Building Fund.  This fund together with the generosity of your support enabled us to pay for a new boiler and furnace system.

RENTAL INCOME

     It seems like our old building next door is being watched over and just keeps giving.  Late in December, as the income from Day Care was about to end, an offer to rent was received from Music for Life; a Yamaha music school.  We have successfully reached and agreement with the school which will open on March 1, 2008.  You will notice activity in advance of the opening as the new tenants go about making many renovations necessary for their business.

     While the income is significant it does not fully offset the lost income from the former day care who were also renting the church halls.  Parish Council has done a good job in containing expenses and securing additional income in 2007.  However, each of us must reflect on our giving if we are to meet the challenges we face in 2008 and beyond.