Finance Newsletter

I trust everyone has had a good break and is refreshed and relaxed, ready to face another year. The office has been quiet over the break so I expect many of you have taken the opportunity to go away rather than catch up on the paper work.

In the Assembly Office we are hoping we will be able to celebrate two big events during the year, the introduction of the single assessment and a new computer system. As well as making our life easier they should also be of benefit to parishes and their treasurers. We are very aware of the numerous complaints we receive about our statements and a new system will give us the opportunity to address this issue as well as many others that are making everyone's life difficult. I am encouraged by the fact that both the Council of Assembly and the Church Property Trustees want to ensure that we get it right and will adequately resource the project to ensure that the system delivers cost effect solutions to our current problems.

Amalgamated Investment Fund

The interest rate paid on deposits with the Amalgamated Investment Fund remains at 6.75% per annum.

Ministers Mortgages

The interest rate payable on Ministers' mortgages remains at 7.49% per annum.

Seniority Allowance Levy

We have received a number of queries in relation to roll numbers. Unfortunately many of the queries we have received could have been avoided through more careful attention to the instructions in our letter. In particular Treasurers should note that we will not change previously provided statistics without the agreement of your presbytery.

We had been hoping to have the invoices for the levy issued during January. Unfortunately Margaret Fawcett had to fly suddenly to the UK following the death of her mother. This has set out plans back and invoices will now be issued in February. At this time I am unable to provide a more accurate estimate of the levy rate because we have not had an opportunity to collate the responses to the letter to parishes.

Single Assessment

Further information on the proposed single assessment has been distributed to parishes and presbyteries. Please consider the material and complete the enclosed questionnaire. We are using a questionnaire to gather feedback in an effort to simplify the process of collating responses.

When responding please try and respond based on the principles, not on whether your parish levy increases or declines. As we don't plan to increase the total levy collected it is likely that for every parish that has an increase in levy and therefore says no to the proposal there is likely to be a parish whose levy declines and they are fully supportive of the move. This will leave us in a stalemate.

The option recommended in the paper is considered to the best of the many different options considered by the Administration and Finance Policy Group. No perfect option was identified. If you believe a better approach is available we would appreciate receiving your suggestion as part of you feedback.

Budget

The process for preparing the Assembly budget for 2003/04 has commenced with budget forms and inform having been despatched to those persons involved in preparing budgets. Responses are due back on 21 February with the draft budget being presented to the Administration and Finance Policy Group meeting on 1 March.

The draft budget then goes to the meeting of the Council of Assembly commencing on 28 March. This meeting also considers the responses to the proposed single assessment. We should be in a position in early April to advise parishes on whether the Church is moving to a single assessment and the rates that will apply for whatever method is chosen for calculating parish contributions to the Assembly Office.

We do not propose to circulate the draft budget to parishes for comment. The budget is based upon the "Directions" strategy previously provided to parishes. for comment. The budget this year represent the cost of implementing the next steps in that project.

Many of you will have seen (or will shortly see) the results of the market research that the Church undertook in 2002. Much of our focus this year will be on turning the results of the market research into practical actions.

Interest Calculations

The computer missed a few beats when calculating the December quarter interest resulting in some parishes not receiving either an interest credit or a transfer of interest earned from their capital accounts to their income accounts. We think we have identified the accounts that were missed and processed manual adjustments in January. If your parish has accounts that bear interest please check to endure the interest was correctly credited either in December or January. If you think you are missing some interest please contact this office and we will process the necessary correction.

Trustees Report Beneficiary Fund

The annual report of the Trustees of the Beneficiary Fund to members and annuitants was despatched late in December. Included with the report to members was a member statement showing benefit entitlements. If you have not received you report please contact this office to arrange the receipt of another copy.

Geoffrey Bell
Manager, Financial Services

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Presbyterian Church of Aotearoa New Zealand