Finance Committee

Chairperson:                 Dave Wilson,  ph: 438-5479; email:  lindawilson@aol.com

Committee Members:   Bob Bennett

                                            Moni Bjorlin

                                            Fred Ernst

                                            Richard Macris

                                            Doug Millan,

                                            John Morrison

                                            Bruce Ruehl

                                            Michael Ryan

                                            Jeff Wells

Our unrestricted cash and investments began FY 2004 with a balance of $5.04 million. During the year, the investments threw off approximately $92,000 of income (net of fees) and increased in investment value by about $334,000. We used approximately $297,000 of our cash and investments to fund operating deficits, capital and other expenses. The net effect of this activity resulted in an unrestricted cash and investment balance of about $5.17 million as of December 31, 2004.

As always, coming up with a viable budget is never easy. The Finance Committee worked closely with the Vestry and the Stewardship Committee, and all the various committees in developing the budget for fiscal year 2005. Although not ideal, we are encouraged to report that it appears we will operate at a smaller deficit than last year reducing our dependence on the Unrestricted Endowment. The budgeted forecast shows an anticipated cash flow deficit of approximately $288,000 for FY 2005 . We hope that in the coming years St. Stephen’s can attain the goal of little or no endowment draws to fund current operations. A special thanks to all Finance Committee members for their dedication and hard work during FY 2004,and further support in FY 2005.