March 2015

Finance Council Meeting Minutes:

Tuesday, March 17, 2015

Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Frank Hsu, Bill Richer, Ron Wedding, Becky Brown, Michael Carpenter, Scott King, Walter Leachman, Tony Pescatore, John Tibe, Cheryl Gatzmer,

Not Present: Wayne Rickert, Martha Casher, David Gadberry, Brian Weldon, Donald Vittitow

Meeting commenced at 7:40 am.

• Prayer – Scott began the meeting with the Lent prayer and reflection by those present at the meeting.

• Father Dan Noll comments/updates – Fr. Dan wished everyone present at the meeting a Happy St. Patrick's Day and expressed his thanks for the work of the Parish Finance Council. He also reserved comments for later throughout the meeting.

• Approval of the January 20, 2015 Minutes – Joe made a motion to approve, Tony seconded. Minutes approved, as amended for Donald Vittitow not present and bond counsel "Bedarff".

• Finance Committee Reports:

1. Education Life Center refinancing update – Scott provided the bond refinancing update – there has been progress on the tax exempt bond. The Swap agreement was not registered under federal guidelines – so, it seems the Swap must be financed separately. The bonds require municipal sponsor(s) and Paris and Richmond are potential candidates. We are hopeful to move forward in April. The 80%20% recommended split from offertory account to capital account has continued to be in process, even though no principal has been paid since December 17th.

2. 2015-16 Budget Time Line – Scott presented an update of the 2015-2016 budget process. The primary objective today is for the budget subcommittee to have the PFC approve a recommendation on tuition and program rates to Fr. Dan. Michael and Becky provided the current position of the school budget and assumptions as follows: original shortfall at $93,000 and with $30,000 payroll adjustment and with a new baby panther program projected revenue of $32,000 there is still $30,335 yet to close; 410 students, 5% increase in tuition and preschool fees, payroll increase of 4% from outlook and 7% from prior year budget. Tony made motion to recommend approval of the tuition and program rates to Fr. Dan, and Cheryl seconded, while considering that the assumptions include a number of potential options to find the $30,000 shortfall. Fr. Dan accepted the rates.

3. Long-Term Debt task force revisions –John Tibe reported the PPC is defining the long term process and its goals and objectives, including an expansion on the goal to continue to pay our bills and debts responsibly.

4. Facilities & Maintenance – Cheryl reported on the progress of the Energy Conservation Project and the lighting issues. Also, once the lighting is complete, the church flooring will commence. The committee is reviewing the facilities project list, including the facilities map as requested by the Task Force for Evangelization committee. A meeting is scheduled tomorrow to plan the grounds work days. Fr. Dan reported the $30,000 Grant was received from Catholic Extension and the wonderful parishioner responses he has received on CE's work.

5. Governance – no update at this time.

6. School Finance – no update at this time in addition to the budget process.

• Stewardship Financial Pledge info update – Walter presented an Offertory Pledge Analysis to the PFC. 2014 Pledge balances unpaid totaled approximately $197K. We are currently at 625 pledges, totaling approximately $1.811MM, compared to 2014 696 pledges and $1.880MM, or short 71 @ $68K. There are 123 families that pledged in 2014 that have not pledged in 2015. Walter is analyzing the information and will send out letters with wording relative to the findings, such as paying but no pledge, no payments no pledge, families inactive, etc.

• February month-end financials/variance reports – The financials and variances were reviewed.

Next Meeting – Tuesday, April 21, 2015 at 7:30 AM. Note: the June meeting has been switched from June 16th to June 30th.

Meeting adjourned at 9:00 am.