1 / 6

Diocesan Synod 10 July 2013

Diocesan Synod 10 July 2013. Bath & Wells Diocesan Board of Finance Pre-Budget 2014: Looking Forward Current Year 2013 Proposed Budget 2014. Harry Musselwhite FKC Chairman of the DBF. CURRENT YEAR 2013: APPROVED BUDGET. Common Fund increased by 3.7% after 2 years of freezes

colin-chambers
Download Presentation

Diocesan Synod 10 July 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Diocesan Synod 10 July 2013 Bath & Wells Diocesan Board of Finance Pre-Budget 2014: Looking Forward Current Year 2013 Proposed Budget 2014 Harry Musselwhite FKC Chairman of the DBF

  2. CURRENT YEAR 2013: APPROVED BUDGET • Common Fund increased by 3.7% after 2 years of freezes • Budget break-even, 3 years earlier than planned • Challenging year with a number of risk areas: • Parish Share collection rate • Parochial clergy vacancies • Timing of additional investing for income return • Half-way through 2013, seeking break-even but may end year with a small deficit

  3. PROPOSED BUDGET 2014 • Budget Day meeting just a week ago • Proposed Common Fund increase of 1.9% • Break-even Budget (as 2013) • Expenditure increase of 0.6% • Approval at next Diocesan Synod in October • Expectation that Common Fund increases for 2015 and 2016 will also be kept below 2% • Additional risk area 2015 – increased requirement in clergy pension contribution

  4. Key Financials – General Fund £m • Common Fund increases 2013 and 2014 • But Other Income streams also increasing • Expenditure being contained • With Budget break-even 2013 and 2014

  5. Inflation, Common Fund and Expenditure • Common Fund • frozen in 2011/12 when inflation over two years between 7% to 8% • increase 3.7% in 2013 ahead of inflation (budget break-even) • increase to be kept below 2% in 2014 • DBF Expenditure • cut in real terms 2011/12 and below inflation 2013/14

  6. Concluding Thoughts Membership; Population; Common Fund and non-collection • Continuing membership decline of ~2% each year with the Somerset population increasing year on year • Bath & Wells continues to have one of the highest Common Fund collection rates across dioceses • However, every 1% not collected amounts to £90k • For the past five years (2008 to 2012), provisions for non-collection of Common Fund totalled £668k • £600k of this was not budgeted and had to be drawn from reserves • Non-payment affects the DBF’s ability to meet all its commitments as emphasised in recent film

More Related