Greetings once again from the Treasurer's Office.
Here is my monthly update on the church's income. Let me comment a bit on our current financial picture as reflected in the reports on this page.
First, it is clear that October, measured on a daily mail income basis, was the lowest of any recent month and therefore a bit disappointing. As you can see, with a daily average mail income of about $130,182, October came in under both June and August, previously the two lowest months.
Because of the Holy Days, we had anticipated a somewhat low month measured on a daily mail income basis, although being anticipated doesn't make the reality any less meaningful. Conversely, our expectation would be that November would pick up a bit again.
As I write (in early November) we are finding that income has improved, but only marginally, and November may not meet even our somewhat modest expectations.
If November does not significantly rebound as we hope (and now fear it may not), we may need to once again downsize operational budgets, a painful and sobering process. Your prayers are earnestly requested for the rebound of the average daily mail income numbers.
On a different note, the Fall Festival offerings have been counted. They averaged just about our budgeted and projected amount of $1.2 million each.
Although Festival offerings are part of our projected yearly income and thus do not represent an unexpected bonus or surplus amount, we are grateful for them and for the willing spirit of support they represent.
Finally, we are far enough along in the year that we can begin to project our year-end balances with a fair degree of precision. It appears that we will run a deficit this year of about $1 million.
On one hand, this is a bit discouraging because it means that we will have spent $1 million more this year than we took in. And this is true despite the aggressive budget and expense cuts we made all along the year.
On the other hand, it is only a fraction of the deficit of nearly $20 million the church incurred last year.
It is thus gratifying to me that in the approximately one year's time since I became treasurer we have been able to control expenses to a great degree within a relatively short time.
Thank you again for your financial support and your prayers.
Nov. 19, 1996, Worldwide News, page three.
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