Finance Council

Scott Carruth, sitting in as chair for Mario Espinoza, opened the meeting. Fr. Chuck offered a prayer. Scott introduced Christopher Kennedy who updated the Council on financing for the development project.

Two items were considered in discussion on the budgeting process.
 

1.  The Offertory was discussed and preliminarily set at $1,550,000.00.

2. Staff Cost of Living was tabled until next months meeting.

Fr. Chuck said a closing prayer and Scott closed the session with the reminder that the our next finance meeting will be held in GoogleMeet on Monday, March 28 at 5:00 p.m.

Mario Espinoza, chair, Called the meeting to order. Fr. Chuck blessed the proceedings with a prayer.

Mario introduced Marsha Green, a new finance council member. Marsha comes to the council with a CPA background and presently works for a firm preparing tax documents for various companies.

Elberta Smoak presented financial statements for November and December 2021 for the council’s attention and approval. After discussion Scott Carruth asked that the reports be approved. Nick Dyer then 2nd the motion and the financial statements were approved unanimously by the council

Mitzi Eastman presented the 20-21 Annual Report found on our website. Mitzi provided a status update on year end giving letters. Systemic issues affcting the process include and erroneous complete data and problems resulting from the change from the Stewardship year of May 1 - April 31, to a calendar year reporting cycle. New statements are being generated and should go out this week.

Patricia Dolese reported on the Building Development Project. Demolition of the school and gym buildings is complete with debris removal next west of the alley. Demolition continues with Paulist Hall followed by Hecker Hall and the rectory. February 1 marks the closing of the first tranche of the financing for the project, which are bonds from the Diocese. The second tranche, a bank note, should close by the end of February, 2022. A more in-depth description of the financing will follow sometime in February for members of the Finance Council. 

Diane Zbasnik reported on the MLK garage equipment. Our current parking arm equipment is antiquated and can no longer be repaired. We've ordered new equipment due in mid-February for installation by the first of March.  The equipment costs of $82,000.00.  Monthly fees for the credit card service should be reduced as the new system uses internet rather than phone lines. The property committee plan to update the parking fee structure. Diane will get back with the new final fee schedule after the property committee approves it.

Diane Zbasnik reported on commercial properties. Both new leases were signed by K-Bop and our new tenant, Moge Tea. The leases run through 2026. Diane will email rent schedules to the committee.

Elberta Smoak then described the budget process. We'll budget early this year as needs for financial information emerged related the development project. The Diocese should have the Budget Assumption letter out this next week to help with the process. The budget is due by May, our efforts will bring it to completion in April for council approval.

Lastly, Fr. Chuck reported to the council that Paulist Father René Constanza who served at St. Austin was elected as the order's new president. We are all very happy for Fr. Rene! Fr. Chuck then said a closing prayer.

Mario Espinoza closed the meeting announcing the next meeting over GoogleMeet on Monday, February 28 at 5:00 p.m.