McFarland

McFarland Lutheran Church
Operating Budget Highlights

 FY 2020 – 21 Budget in Review *  

Total revenue received1  $1,327,991 (includes 4K income of $64,952)
Total expenses paid $1,328,036
Savings account balance $681,504
Mortgage reduced $240,335 ($200K of which came from our Mortgage Reduction Initiative to pay down the principal prior to an anticipated market interest rate adjustment 2.)

 * FY 2020 -21 numbers are tentative and may change in the final fiscal year-end budget report.  

Fiscal Year 2021-2022 Budget Highlights

The projected revenue for FY 2021-2022 allows MLC to continue all programs and activities that we currently have. 

Projected budget increase of $25,438 (from $1,402,057 to $1,427,495) or 1.8%.

Revenue  
  • With the resumption of indoor worship income from pledged and unpledged offerings is projected to increase.
  • With the resumption of more CLM program offerings, income from CLM programs expected to increase from last FY.
  • With 4K enrollment numbers expected to increase over last year, income from 4K expected to increase from last FY.
 Personnel
  • Budget includes 3% salary increases for staff, including the pastors. (There were no salary increases in FY 2020 – 21.)
  • Additional modifications in personnel cost for CLM staff due to realignment of duties and responsibilities including a salary adjustment related to an increase of a part-time employee to full time.
Finance Committee
  • Committee’s budget is for principal and interest payments on the mortgage.
  • No funds are being set aside for future capital projects/improvements.
  • Savings from re-amortizing our mortgage loan, previously used to make additional payments to reducing the principal, have been diverted to balance the proposed budget.
Mortgage
  • MRI funds will continue to be used to make the principal portion of our mortgage payment with the interest portion paid out of our operating budget.

Revenue received is church-generated revenue only, it does not include $236,985 received in Federal Payroll Protection Program or WI State Grant dollars.
Our mortgage lender, Thrivent Financial, did not increase the interest as had been anticipated and it remains at 3.8%.