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Diocesan Synod 10 July 2013

Diocesan Synod 10 July 2013. Bath & Wells Diocesan Board of Finance Pre-Budget 2014: Looking Forward Current Year 2013 Proposed Budget 2014. Harry Musselwhite FKC Chairman of the DBF. CURRENT YEAR 2013: APPROVED BUDGET. Common Fund increased by 3.7% after 2 years of freezes

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Diocesan Synod 10 July 2013

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  1. Diocesan Synod 10 July 2013 Bath & Wells Diocesan Board of Finance Pre-Budget 2014: Looking Forward Current Year 2013 Proposed Budget 2014 Harry Musselwhite FKC Chairman of the DBF

  2. CURRENT YEAR 2013: APPROVED BUDGET • Common Fund increased by 3.7% after 2 years of freezes • Budget break-even, 3 years earlier than planned • Challenging year with a number of risk areas: • Parish Share collection rate • Parochial clergy vacancies • Timing of additional investing for income return • Half-way through 2013, seeking break-even but may end year with a small deficit

  3. PROPOSED BUDGET 2014 • Budget Day meeting just a week ago • Proposed Common Fund increase of 1.9% • Break-even Budget (as 2013) • Expenditure increase of 0.6% • Approval at next Diocesan Synod in October • Expectation that Common Fund increases for 2015 and 2016 will also be kept below 2% • Additional risk area 2015 – increased requirement in clergy pension contribution

  4. Key Financials – General Fund £m • Common Fund increases 2013 and 2014 • But Other Income streams also increasing • Expenditure being contained • With Budget break-even 2013 and 2014

  5. Inflation, Common Fund and Expenditure • Common Fund • frozen in 2011/12 when inflation over two years between 7% to 8% • increase 3.7% in 2013 ahead of inflation (budget break-even) • increase to be kept below 2% in 2014 • DBF Expenditure • cut in real terms 2011/12 and below inflation 2013/14

  6. Concluding Thoughts Membership; Population; Common Fund and non-collection • Continuing membership decline of ~2% each year with the Somerset population increasing year on year • Bath & Wells continues to have one of the highest Common Fund collection rates across dioceses • However, every 1% not collected amounts to £90k • For the past five years (2008 to 2012), provisions for non-collection of Common Fund totalled £668k • £600k of this was not budgeted and had to be drawn from reserves • Non-payment affects the DBF’s ability to meet all its commitments as emphasised in recent film

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