Yesterday afternoon the House of Bishops and the House of Deputies met in joint session to hear the Program Budget & Finance Committee present their proposed budget [available here] for the next Triennium (2013-2015). The Committee held three meeting at General Convention for input on income, expenses, and funding. They considered the budgets recommended by Executive Council and the Presiding Bishop, but decided to create their own document.
The budget is based upon expected income for the next Triennium of $111,546,000, with $73,500,000 coming from Diocesan Commitments. The asking from Dioceses will be 19% for all three years, the same amount asked for this year. The expected receipts factor in historical payment rates and expected diocesan income.
Based upon an expected total return on invested funds of 8% and a draw of 5%, income from that source is expected to total $29,364,000. They also recommend making a grant of an additional $4,100,000 from accumulated past surpluses of income over expenses to cover the cost of the development department. They expect the department to produce a return on this investment of 100% to 1,000%. The total draw including the grant is 5.8%.
The third source of income is rent from three and one-half floors of the office building at
The expenses side of the budget is divided into three broad categories. The Canonical portion is 20,125,000 or 18%. This covers expenses of General Convention, the stipend of the Presiding Bishop and the expenses of that office, and the expenses of the President of the House of Deputies.
Corporate expenses total $33,997,000 or 31%. These funds provide administrative support of the Domestic & Foreign Missionary Society Offices.
The Program (mission) portion of the budget is $57,394,000 or 51%. The allocations within this budget are based upon the “Five Marks of Mission”. They are as follows:
- To proclaim the Good News of the Kingdom
- To teach, baptize and nurture new believers
- To respond to human need by loving service
- To seek to transform unjust structures of society
- To strive to safeguard the integrity of creation and sustain and renew the life of the earth.
- $2 million for grants to start new congregations
- $1 million for strengthening Province IX for sustainable mission
- $1 million making missionary service available for all Episcopal young people
- $1 million for engaging Episcopalians in the eradication of domestic poverty through Jubilee Ministries
- $500,000 for creating and strengthening local networks to care for creation.
I expect there will be consternation in some quarters about the diocesan asking continuing at 19% for all three years and the lack of detail on the expense side about specific grants. However, I expect that the budget will pass and that Executive Council will do its usual good job of managing expectations and results.