22/23 financial report

St. Rita Rockford – 2022 to 2023 Financial Results

The parish fiscal year ending 6/30/2023, is reported on the below pie charts.

It is with a slight sense of relief that I present this year’s fiscal report to the parish.  Last year’s report mentioned the need to increase income and that we would not be able to “reduce cost” our way out of our negative fiscal situation.   We have shown some improvement.   I can report that our Sunday collections have increased about 11%, from the previous fiscal year to this one.   Our Sunday collections are up $86,046, which makes up for some of the accumulated 18% loss from previous years.

The pie graphs show that by percentage, we are similar to previous years; salary and benefits are still our largest expense category, and the school related incomes our largest source of income, followed by our Sunday collections.  Because the school is such a large part of the combined fiscal report, school specific income and expense results are shown in the second set of pie charts.

Another positive observation is that while we budgeted the need to withdraw money from our savings to be able to pay our expenses, we in fact only needed to withdraw from savings to complete the improvement projects we worked on this year; replacing a rusted door set at the school, resealing the parking lots, upgrading some of the exterior lights to LED, and to start the school boiler project.

In saying all of this, it is important to emphasize that we are still not out of the woods.   Mass attendance is still down and collections are likewise affected.  We need to continue our efforts that we shared last year, like making sure we are a welcoming parish, volunteering for our ministries, or helping with our special events.  We need to help to grow our Mass attendance and our parish participation.

I will finish as I did last year’s report.   We can be proud of what we have done in the past.  We now need to look toward the future.  Please feel free to direct any questions about these or any of our financial numbers to me at any time.

Michael McGarry, St. Rita Business Manager