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September 25, 2023
To: All Clergy, Parish Finance Council Members and Trustees
From: Michael Hanlon, CPA
Bishop Caggiano presented a "Report on Diocesan Finances" to pastors on May 4, 2023. The purpose of this presentation was to continue our full transparency on the fiscally responsible path the Diocese has traveled under his leadership, note the successes achieved and the challenges that remain as he embarks on the implementation of his mission related focus "The One".
This presentation, which can be viewed here, is provided to share with you these achievements and remaining challenges as we all work hand and hand in the revitalization and growth of our Diocese and the faithful we serve.
Note: the slides from the presentation are also available for viewing here.
The presentation includes information on:
- Revenue, expense and expense trends if adjusted for inflation from 2015 - 2023
- Diocesan operations budget for fiscal year ending June 30, 2023
- Diocesan operations budget by Ministerial Category for fiscal year ending June 30, 2023
- Data on Catholic Center employee, Annual Bishop's Appeal, Cathedraticum and offertory trends
- Results from the We Stand with Christ capital campaign as of December 31, 2022
- Parish support grants from Foundations in Faith, Inc.- St. Francis Xavier Fund
- Change in the Lay Pension Plan (frozen in July 2010) obligations 2014-2022
- Lay Pension Plan annual pension payments and contributions 2014-2022
Successes include:
- The elimination of Diocesan debt
- Controlled operations expenses
- Good stewards of funds entrusted to us
- Continued financial transparency in all areas of Diocesan operations
- The We Stand with Christ Capital Campaign
Continued Challenges:
- Post pandemic reduced church attendance and offertory
- The funding status of the lay pension plan
Strategies continued to be developed to overcome our challenges.
If you have questions related to the presentation and/or the financial data please contact me by phone {203-416-1390; direct line) or by email; michael.hanlon@diobpt.org.
Thank you.
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