Finance Committee wanted to give you an update on the financial position of the parish as of the end of August.
At the end of August 2020 we have a year-to-date (YTD) deficit of $39,062.13 as compared to a YTD deficit of $33155.24 at the same point last year. Our YTD expenditures are some $14,625.66 below last year.
Please know that our in-year deficits are self-funded from prior year surpluses and special funds on-deposit. If fact, we borrow from ourselves. This self-funding works in-year. At the end of the year our operating accounts must balance. Last year, despite the deficit at the end of August and, indeed, at the end of September, October, and November, we, nevertheless finished the year in surplus.
Our financial position has been greatly aided by the Federal Wage Subsidy program. So far we have received $10,661 from that program. We expect to receive another approximately $6,000 to $10,000 for the period ending August 31. The wage subsidy has been extended to December 31, 2020 at this point, so it will continue to have a positive effect on our 2020 finances.
A very significant factor in our increased deficit is from the loss of hall-use income. In 2019 our YTD income from hall use was $19,983.55. This year our income YTD is $8463.75. While some hall-use income will be received this fall; it will not be anything approaching the numbers from 2019. Similarly our fundraising initiatives have been suspended this year with the cancellation of the garage sale in the spring. It is extremely unlikely that it will be possible to have the Christmas bazaar. So in 2020 we are completely dependent on offerings.
In short, our finances are not in dire shape, we are fortunate compared to many other parishes and organizations. While we are grateful for the Federal Wage subsidy and the reduction in operating expenses, let me be very clear that the principle source of our good fortune is how you have faithfully continued your offerings. If we all keep our offerings up-to-date and if those who traditionally make generous end-of-year donations do so again this year, we will make it through 2020 in good shape for which one can only say, Thanks be to God.