 JANUARY/FEBRUARY 2002 (XXXX 1) |
This has not been an easy year for those Friends involved with preparing the coming PYM budget for fiscal year 2002-03.
With anticipated income down and fixed costs up, we knew that heavy cutting had to be done on the budget before it ever got to the Budget Conference on November 10. We could not expect Monthly Meetings to make up all the gap between anticipated income and proposed expenses.
The economy began its downward turn in March 2001, just about the time the Financial Stewardship Committee (FSC) in cooperation with the five Standing Committees began work on the 2002-03 budget. This did not augur well for future income from investments, which is about a quarter of the income of PYM. In addition, the state of the economy was also negatively affecting Friends' contributions to the Annual Fund, which is another quarter of PYM's income.
Why did I begin with this picture of doom and gloom? It is important that Friends understand that PYM's budget is built on our best estimates, not on what we wish would be true. If a desired project is not in the 2002-03 budget or has had its budget reduced, we want you to understand the reason why.
Now for the good news!
The remaining half of PYM's income comes from its support from Monthly Meetings – the Covenants. This information comes together at the Meeting for Worship and Financial Stewardship (Budget Conference) in November. At that meeting Quarter Meetings report on their Monthly Meeting Covenants with PYM, and Friends offer advice to FSC on how to deal with any gap between income and expense that still might exist once that final piece of income information was in place.
Standing Committees did their jobs. They made the tough decisions that reduced the expense side of the budget. And the Monthly Meetings dug deep and increased their Covenants overall by almost 2 percent. In a year when all other expected income is down, this Monthly Meeting support represents both dollars to help balance a budget and your belief in the importance of our faith community.
After the receipt of the Covenants at the Budget Conference on November 10, a small gap still existed between income and expense. A fruitful discussion followed, with helpful comments from conference attenders on both this specific budget and for the budget process in general.
Early in February, Monthly Meetings will receive copies of the 2002-03 budget to be presented for adoption by Yearly Meeting in Session in March 2002. Because of the commitment to financial responsibility and good stewardship of so many Friends, that proposed budget will be balanced.
Jacqueline D. Bowers
Falls Meeting (PA)
Clerk of Financial Stewardship Committee
Last modified: Wednesday, February 18, 2004 at 08:18 AM