Sometime in the spring … a financial update
Sometime in the spring, usually in April, Lakeside hosts “Vision Sunday.” We revisit and refocus the vision of the church and report on the previous year’s financial results. We haven’t been able to hold a gathering like that this spring, so I wanted to bring you an update on the church’s financial status.
From January to the end of April 2020, Lakeside’s income has been $587,975, which is 2.8% less than the same period in 2019, and 1.6% behind our budgeted income target for this year. Expenses during these months total $648,397, which is 3.9% less than last year, and 1.7% above budget.
Translation: Lakeside has stayed remarkably stable and healthy through this period of incredible disruption. For those of you doing the math, there is a deficit, which was expected at this point of the year. We will continue to monitor our situation and will respond as needed.
May I offer a few comments on our financial situation?
- In late 2019 at a Lakeside partners meeting, we talked about the word “generosity” as a word for 2020. Lakesiders, you are making this real in such a powerful and practical way. Thank you so much!
- Our stable financial situation has meant that church programs have been able to continue in online formats and through this, our core value that everyone can move forward is happening in new and exciting ways.
- Larry’s on the job! Our incredible maintenance supervisor Larry Sosnoski has been overseeing maintenance work in our Central facility. This has included several repairs to our fire suppression system, which would have been difficult to accomplish with the building fully occupied.
- The sale of 75 Norfolk St. has been completed, and a $650,000 payment has been made on our mortgage, reducing our remaining mortgage from $2.7M to just over $2M.
- From the proceeds of the building sale, an LED lighting retrofit has been approved for Lakeside. More than 600 light fixtures inside and outside will be changed at a cost of just over $90,000. This expense will be fully recouped through reduced hydro costs over the next several years. The remaining funds from the sale are being held in reserve.
Our teaching pastor Marc Gagnon referenced this scripture verse in his message yesterday, and I so resonated with this feeling as we long for the day when we can gather again in person. God bless you.
“… I long to see you so that I may be filled with joy.” 2 Timothy 1:4
Executive Pastor, Lakeside Church