I would like to give everyone an update on the financial status of the Shrine. The report below shows the budget, actual income and costs for Fiscal Year 2022, and our FY 2023 budget. The fiscal year runs from the beginning of July through the end of June. Our savings account balances are also shown. I will try to explain some of the more important numbers and how we are doing overall.

The report shows a net income, or surplus, of $37,520 for FY2022. This is mainly because of one-time insurance reimbursements from the rectory fire. Note also that the 2023 budget projects a deficit of $19,854. This assumes that we will have $250,000 in Offertory, a $20,000 Grand Annual collection in the Spring and the other sources of income as shown. The expenses include $74,000 in capital improvements for the church sound system upgrade and necessary church roof repairs.

Looking at our savings, the report gives an overall impression of a fairly good situation. This is somewhat misleading because there is much work that needs to be done eventually on the church and the shrine center that is not included in this year’s budget. The center needs a roof replacement, an upgraded fire protection system, a new air conditioner for the large hall and a kitchen renovation. The lower church still needs much work to accomplish our goals there and the upper church now has ceiling plaster damage that will be expensive to fix. The budget also does not include the Essex St. Entrance Lift Project. So there are many challenges ahead.

On behalf of all the brothers, I want to thank all of you again for your generous support of the Shrine and of our little Franciscan community. Truly Jesus and His Blessed Mother are at work here, building up the Kingdom of God. Please pray that the Holy Spirit will guide us in all things.

God bless you. ~Fr. Peter