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Finance

Strategy and Budget

Excellent progress was made during the month on achieving the targets set by the Council of Assembly for the preparation of the operational priorities for the next three years. The Council requested some minor amendments to the revised plan considered during their telephone conference of 26 March. This changes have now being incorporated into the plan.

The service team leaders have spend two days considering the plan and its impact on their operations and financial requirements The service teams now have a clear vision of what they need to be doing over the next three years. Revised budget instructions have been despatched and budgeting will now begin in earnest. We are on target for providing national services levy and mission and ministry targets by 6 May.

Amalgamated Investment Fund

The interest rate paid on deposits with the Amalgamated Investment Fund has been increased to 6.5% per annum with effect from 1 April. The increase follows the increase in the overnight cash rate being paid by the Reserve Bank and increasing interest rates paid in the market. This increase ensures the rates being paid remain very competitive with those offered in the markets for call funds.

Ministers Mortgages

The increases in home lending rates by the trading banks has lead to an increase in the interest rates being charged for ministers mortgages. From 1 April interest will be charged at the rate of 6.2% per annum.

Statistics

The Church will again be collecting statistics of membership and attendance during June. The necessary forms will be sent out in good time to allow the collection of the necessary data. Now is a very good time to review your rolls to ensure membership details are current.
The current forms are not easy to use and the information we collect is not always that required to make the right decisions on the management of the Church. For example we believe that young families are missing from our congregations. Therefore this year we may seek information about the attendance of young families. Other churches are also aware of the deficiencies in the current form and the Forum of Co-operating Ventures has also agreed to revising the format of the statistics forms.

We will be providing substantially increased guidance notes to prevent the confusion that often occurs with the current form. We ask that these forms be completed as accurately as possible. Our statistics are becoming increasing important information when decisions are being made about the future of the Church. The more accurate the numbers we have the better the decisions that will be made. The costs of operating the Assembly Office are recovered from parishes based on statistical returns. Changes to the statistics once the forms have been filed can result in a budget shortfall for the Assembly Office. We will make you jump through hoops if you wish to change your numbers so avoid the stress and get the process underway early.

PAYE

The new income tax year commenced on 1 April. If you are paying stipends or wages you will need to ensure that your are using the latest set of PAYE tables from the Inland Revenue Department. The tables are applied to the first full pay period in the new tax year.
You will also need to start thinking about completing your IR 68 return. Although this return is not due until 31 May it is surprising how quickly that date will sneak up on your. Parishioners will also be wanting confirmation of their offerings during the year so they can claim their rebate for charitable donations. You can perform a service for members of the congregations by reminding them of the need to make the claim for the rebate. Such a reminder can also provide a good opportunity to gently remind the congregation it may be an opportune time to consider the level of their giving. A reminder outside a specific stewardship campaign is always useful.

Property Transactions

In my last Newsletter I sent out a gentle reminder on the need to include the Church Property Trustees when buying and selling property. This brought me a gentle reminder (and deserved I might add) that where the property transaction is to occur south of the Waitaki river then the body you need to deal with is the Otago Foundation Trust Board and not the Church Property Trustees.

Geoffrey Bell

Manager, Financial Services