Sunday, February 1, 2009

Executive Council approves draft budget affected by economic realities

From Episcopal Life Online-

On the final day of its three-day meeting here, the Episcopal Church's Executive Council passed a draft budget for the 2010-2012 triennium that reflected the effects of the world's financial crisis.
The draft budget calls for increasing the draw on endowment income from 5 percent to 5.5 percent, deferring debt repayment, freezing church center salaries in 2010, cutting most non-personnel church center costs by 9 percent and slightly reducing personnel costs.

Episcopal Church Treasurer Kurt Barnes told the council January 30 that the world economy has not been in this sort of financial crisis "since the time of the Depression," and thus the council "must take very, very serious action. We are not forgetting the concept of abundance, but we also cannot forget the concept of being good stewards for all those who come after us."

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