The Finance Committee of First Baptist Greensboro is pleased to share the proposed 2024 Budget and Ministry Plan.
The Finance Committee is pleased to share the attached 2024 Budget and Ministry Plan.After reviewing the budget at their November meeting, the Deacons will vote to approve the Budget at their December 4 meeting. The Congregation will vote on the Budget at the regularly scheduled Church Conference, December 10. Prior to that, Finance is offering two Budget Review sessions on Wednesday, November 29 at 5:00 and Sunday, December 3 at 12:00. Both meetings will be held in the Chapel.
REVENUE
Overall spending to meet ministry plans is projected to decrease during 2024. Projected income will decrease from $1,810,181 to $1,716,294 in 2024, including a reduction in projected tithes and offerings from $1,732,626 to $1,517,214. Our projected revenue demonstrates the need and opportunity for growth. Analysis of our giving reflects both the continued generosity of our committed membership, and the decrease of overall giving units since 2020. There is, however, promise for growth. In the year ahead, our church will be clarifying a strategic plan and also hiring a new leader of music ministry, both of which enable the church to move forward with clarity and enthusiasm. We are also encouraged by the number of new people relating to our church. The most up to date analysis from pastoral staff identifies within the last two months 119 individuals (representing 41 family units) as prospective members with multiple points of contact with our church. In addition to the continued need for growth and encouragement of stewardship, our revenue highlights the broad resources of our church and the opportunity to strategically consider a more diverse range of income sources. Among the strategic uses of resources proposed, the 2024 plan includes:
● The use of Unrestricted Memorial Gifts, which average $14,000/year.
● The use of $4,600 in previously designated and restricted funds allocated to the Senior Adult ministry, Recreation ministry, and Library.
● The use of $15,000 from designated funds held in our Mission Endowment, used to underwrite the expense of mission trips in 2024.
● The anticipated use of $12,000 of projected 2024 earnings from the Capital AssetsEndowment to replenish the Major Maintenance Fund.
● An increase of Facility Use income, based on increased hospitality and additional building partners.
● The opportunity of a Solar Rebate, made possible by a generous financial gift to install solar panels on the roof of our Education building. In addition to the previous $75,000 gift of panels, the donors have also gifted the church the rebate, estimated at $41,000. The funds will be placed in Major Maintenance, more than covering the cost of the new 30-year roof that was installed prior to the addition of the panels.
EXPENDITURES
Where possible, our Ministry Plan shows a reduction in spending.Personnel, our highest single expense line also has the largest reduction: $138,105.
● The budget provides a 2% COLA for positions not affected by other recent salary adjustments.
● Group Insurance has increased by 3%, but represents a net savings due to a reduction of the number of f/t employees.
● Compensation for various music ministry leadership needs is included, though reduced by roughly $25,000 based on a conservative estimate of the timing of hiring in the midst of the budget year.
● Personnel costs are roughly 56.5% of total budget. With a full year of music ministry costs, that would increase to 57.5%. Both totals are the lowest such percentage of the last 10 years.
Property, our second highest expense line, shows an increase of $64,950.
● The budget includes a $53,000 contribution to Major Maintenance, made possible through the Capital Assets Endowment ($12,000) and the Solar Rebate ($41,000). This is the first such annual contribution since 2017.
● Due to the increasing use of the Major Maintenance Fund for unplanned building repairs, Building Maintenance is reduced by 10,000 in the annual budget.
● Our General Liability Insurance Premiums have increased, due to some of the claims of the last year.
● Duke Energy rates have increased for 2024, leading to an increase in Electrical Power. However this increase is offset partially by our new solar panels, which reduce our annual energy costs by roughly 10%.
Amongst ministry areas, Music currently remains unchanged from 2023 to reflect our continued commitment to Music Ministry amidst transition. A reduction in actual costs is anticipated.Our Missions Committee has made thoughtful reductions to bring our Missions budget based on current partnerships and to stay in line with the church’s recent practice of distributing roughly 10% of our Tithes & Offerings to outside mission and ministry partners.
Please contact Tony Petitt, Finance Chair, Alan Sherouse or anyone on the Finance Committee with questions or clarifications. A reminder that the Congregation will vote on the Budget at the regularly scheduled Church Conference, December 10 following Worship.
Prior to that, Finance is offering two Budget Review sessions on Wednesday, November 29 at 5:00 and Sunday, December 3 at 12:00. Both meetings will be held in the Chapel.
Finance Committee Members:
Robert Angell, Phil Barbee, Nancy Culclasure, Chuck Frye, Kristen Haynes, Dan Kennedy, Cindy Kohler, John Markham, Shaun Martin, Mark McCracken, Corie McRae, Holly Messick, Tony Petitt (Chair), Kim Shively and Monica Vaughan
