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Finance
Statistics Forms
Just a reminder not to tuck these away in a dark corner and forget them now that gathering attendance numbers is complete. The financial statistics need to be completed and then the forms returned.
Each time we levy parishes based on statistics information a number complain that their levy is incorrect because their statistics are incorrect. While we make the occasional transposition error when we load the statistics in most cases the numbers we receive are incorrect. Please take the time to ensure the numbers included correctly state the position of the parish at 30 June.
I would welcome any feed back you have in relation to the forms. The feedback can cover the design of the forms, the content or the instructions with the forms. The information will help us to improve the forms for next year. I have already had some feedback and found this helpful.
Review of the Basic Stipend
The level of the basic stipend was increased to $34,427 with effect from 1 July 2002. Formal notification of the change has been despatched to all those affected by the change. The Treasurers' Manual on the Web Site has been updated to reflect the change. The increase was 2.6% over the previous year.
Beneficiary Fund Annuities
Annuities paid from the Beneficiary Fund are also due for review from 1 July. The Beneficiary Fund Committee will consider adjustments to annuities at their meeting on 10 July. The rules of the Fund require that a minimum increase amounting to half the increase in the Basic Stipend be paid. This amounts to an increase of 1.3% to annuities in payment. The Committee will determine the actual amount of the increase. We will endeavour to include any adjustment in the benefits paid on 20 July. If we don't succeed in this aim then the new rate will be paid in August but backdated to 1 July.
Amalgamated Investment Fund
The interest rate paid on deposits with the Amalgamated Investment Fund remains at 6.5% per annum. The Trustees continue to keep a careful watch on interest rate movements and will make adjustments as circumstances demand.
Ministers Mortgages
The interest rate payable on Ministers' mortgages will remain at 7.25% per annum. However as the Reserve Bank has increased the overnight cash rate in the last few days there is a risk that rising interest rates will force an increase in this rate. The rate is linked to the interest rate charged by the BNZ for its mortgages.
Insurance Renewal
Thank you to all the parishes that have sent in revised valuation schedules. The response has been pleasing. There is still some time left to submit revised valuations but please send these to us as soon as possible. We are in the process of collating all the information we have received. Should we find any inconsistencies between our existing records and the valuation information we will be in touch to clarify the position. A prompt response to our questions would be appreciated.
The insurance fund that had previously been included in the general reserves of the Church has now been separated and will be used for its original purpose of assisting the Church (and associated bodies such as schools and Support) reduce its insurance costs. The Insurance Committee will be making a determination on how the use the fund in the best interests of those who take insurance cover. This decision is likely to affect the cost of cover so until it is made we are unable to advise parishes of their new premium rates. However we are very confident rates will be within rates previously indicated to parishes
Beneficiary Fund Parish Assessments
All parishes should have received advice of the new rate of their Parish Assessment for Beneficiary Fund contributions. If you have not yet received your letter please let me know and I will advise you of your new rate. Parishes making payment by direct credit should remember to have their payment altered for the new rate. The first payment at the new rate is due in July.
Computer System
June proved to be a nightmare month for the computer system with email particularly badly affected. The problem has been the disk drives in our email server. The machine is getting old and the drives have been playing up. To improve the position we have increased the number of drives in the second and newer server, increased its memory and then transferred some data and functions from the mail server to the second server. We transferred information to the second server because the disks on the mail server were getting very full. We have also replaced one of the drives in the mail server.
The problem has been that the equipment suppliers have been sending unreliable equipment. To date we have been sent eight drives of which only three worked. We are still waiting the arrival of the last of the drives for the mail server. They have to come from overseas and take about 10 days to arrive. The net result is that this has been a very protracted and frustrating repair job. Over this time email has been out of action for several days and some email (though very little) lost. We are a bit behind on responding to email as a consequence. Please be patient particularly as we are now doing the annual balance and this gets priority over less urgent email.
During this period one payroll was paid a day late. However that was due to problems transmitting the information to the bank rather than with our system.