Q2 2023 Finance Update
The following is from Lee Bowman, finance chairperson for The Local Church. With questions or for more information, email Lee here.
Financially speaking, the second quarter of 2023 has continued with the same momentum The Local Church experienced at the start of the year. While revenues for the second quarter normalized, the Church’s budget YTD revenues are still ahead of budget by nearly $60K.
Costs are nominally over budget for the end of the 2nd quarter as The Ministry Table (church council) made some necessary updates for the operations of The Local Church. Rent for our worship space was increased due to a renegotiated lease agreement with Woods Charter that also included adding a room for Sunday youth group. Worship team expenses were over budget by just a few thousand dollars to provide more enhanced sound equipment for larger attendance events, such as the Easter services. In-ear monitors for the worship team were purchased. Finally, Mission and Outreach line items comprised the remaining bucket of over-budgeted dollars. Expenses associated with Appalachia Service Project and donations to non-profits and other causes in our community account for those nominal overages.
The Ministry Table will continue to diligently review and project the financial needs of The Local Church. It began a study, for example, of local clergy compensation in the 2nd quarter. Increases in several payroll line items by The Ministry Table brought clergy salary closer to the local standards The Ministry Table realized during its analysis. These actual costs will not be realized until the second half of the year. The Ministry Table continues to evaluate staffing needs and address staff’s compensation accordingly.
Your generous financial support continues to be vital in co-creating an unapologetically inclusive, Jesus-centered faith community. We are grateful for your incredible generosity and the ways God is working in and through you.
