Operating Budget
2025 Operating Budget
The Diocese of Bridgeport has approved a $24.4 million budget for the fiscal year ending June 30, 2025, with a projected $26,515 surplus, continuing its commitment to fiscal prudence and transparency. Revenue and expenses are expected to decrease by $930,000 from the prior year due to restricted contributions being utilized in 2024.
The 2025 budget allocates 34% to central ministries and administrative services, 18.7% to parish and school support, and 13.3% to diocesan-sponsored charities, with major funding sources including the Annual Bishop’s Appeal ($8 million), Cathedraticum tax ($6.5 million), cemetery operations ($1.5 million), and interest earnings ($1.2 million). Salaries and benefits account for 48.2% of expenses, with planned market-rate salary increases and additional staffing for Curia operations. A notable 14.7% increase in funding for seminarian tuition reflects growing vocations, with 33 men in formation.
The diocese remains focused on long-term financial stability, including addressing lay pension underfunding, which requires $4.4 million annually to meet future obligations. To ensure sustainability, the diocese is exploring alternative revenue sources, such as real estate utilization and an enhanced parish giving program launching in fall 2025. Additionally, Employee Retention Credit (ERC) refunds exceeding $9 million are helping diocesan entities recover from the pandemic, despite processing delays from the IRS. Healthcare costs continue to rise, but participation in Reta Trust, a not-for-profit Catholic healthcare provider, is expected to help control future premium increases while maintaining comprehensive employee coverage.
Bishop Caggiano remains committed to financial transparency, with audited financial statements released annually since 2013. The diocese continues to prioritize pastoral and mission-driven programs, particularly The One initiative, which seeks to revitalize faith across the diocese. Though $1.5 million in one-time revenue sources is included in this year’s budget, ongoing efforts to reduce reliance on temporary funds and identify sustainable revenue streams will ensure the diocese's long-term financial health.