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Finance Committee Meeting Minutes

Present: Patrick Cronin, Fr. Tim Brewer, Tracy Kennedy, Joseph Cloutier, Shirley Brake

Meeting commenced at 7PM. Shirley Brake was introduced by Tracy Kennedy and was welcomed as our newest member of the Finance Committee. 

Minutes of the June 26, 2003 meeting were accepted as presented.  Pat Cronin to contact Judith Thibault Forget so that minutes going forward can be posted on the church website.

Joseph Cloutier presented the Eleven month 7/31/03 financial statement for review.  It shows a $12,061 operating deficit which includes $10,974 of bills that are due and expected to be paid by fiscal year-end 8/30/03.  This deficit is based on collection revenues YTD of $320,000 versus $325,000 collected at this time one year ago.  Budgeted revenues were $350,000, which was initially established in order to address projected overhead expense, particularly with the Family Center expansion.  Fr. Tim was very optimistic about the actual revenue stability, given the crisis in the Church over the past year. 

Discussion commenced on how to streamline future operating expenses for next year, particularly with the Family Center expected to be fully functional.  

Fr. Tim and Pat Cronin to meet with Richard Parent to implement a new “Working Hands Ministry” – recruiting parish volunteers to assist in housekeeping needs.  

In addition, it was decided to post operating figures in the Parish Bulletin based on overhead expenses projected by month (to reflect seasonality) rather than on an annual weekly expense basis.

Our Lady of the Lake
1400 Main Street, Leominster, MA 01453
Phone: 978.342.2978           Fax: 978.342.8738          Email: ourladylake@choiceonemail.com