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