May 2015

Finance Council Meeting Minutes:

Tuesday, May 26, 2015

Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Frank Hsu, Bill Richer, Ron Wedding, Becky Brown, Scott King, Walter Leachman, John Tibe, Cheryl Gatzmer, Donald Vittitow, Tony Pescatore

Not Present: Michael Carpenter, Martha Casher, Brian Weldon, David Gadberry

Meeting commenced at 7:30 am.

• Prayer – Fr. Dan had a memorial prayer service for Wayne Rickert.

• Father Dan Noll comments/updates – Fr. Dan thanked the council and the parishioners for their love and care of Mary Queen and reserved comments for later throughout the meeting.

• Approval of the April 25, 2015 Minutes – Rob made a motion to approve, Cheryl seconded.

• Finance Committee Reports:

1. 2015-16 Budget – Scott, Rob, Cheryl, David and Walter met on Friday May 15th and propose the sources and uses of funds per the attachment on page 7, including the pay down of the swap in five years. After considerable discussion of the various options, the motion was made by Donald and seconded by Rob to recommend this proposal to Fr. Dan for his consideration for approval. This includes current funds ($714k) on the balance sheet and budget surplus ($181k) for the 2015-16 budget. The other matters of the 2015-16 budget were recommended to Fr. Dan for approval at the April meeting.

2. Education Life Center refinancing update – Scott provided the bond refinancing update – there is a meeting on May 26 at 2:15 at 100 East Vine and the League of Cities for the first reading of the bonds. Dinsmore and Walter will be attending.

3. Long-Term Debt task force revisions – Once the 2015-16 budget is approved and actual figures for June are ready, then Rob will update the model.

4. Facilities & Maintenance – Cheryl reported on the new carpet and paint in the church meeting rooms; the committee continues to review the facilities project list, including the facilities map as requested by the Task Force for Evangelization committee. The volunteer work day is scheduled for Saturday May 30- make up day from the April 25 rain out day.

5. Governance – Joe provided an update on the terms of service for the members. Joe's first term is up and has agreed to serve a second term. Rob was also reappointed to a second term. Brian Weldon has resigned and his term is up for succession. This will be addressed next month. Scott has served as chair and Fr. Dan will appoint a new chair. Fr. Dan circulated a paper to each member to provide him with name or two to consider for next year's chair.

6. School Finance – no report

• 80% / 20% split on Offertory and Capital - The current 80% and 20% split will be reviewed for reconsideration. The current percents are causing $60,000 too much into capital and too little in offertory. Walter will adjust accordingly to meet budget for the respective categories, on a proportional basis.
• Night of Angels - The net last year was $36,826 and current estimate has $38,158 (excluding any unknown items).
• Diocesan Annual Appeal - 2015 goal $194,518; 214 pledged $157,486. We currently have 459 pledges at $108,969. We will follow up with parishioners.
• Stewardship Financial Pledge info update – no update.
• April month-end financials/variance reports – The financials and variances were reviewed.

Next Meeting CHANGE – June meeting has been switched from June 16th to June 30th at 7:30 am.

Meeting adjourned at 9:05 am.