National Budget Income Short for Year 1975
Diocesan Press Service. December 11, 1975 [75439]
NEW YORK, N.Y. -- As the year 1975 draws to a close, the national Executive Council of the Episcopal Church finds itself with an unexpected shortfall in budget income for the year.
The Council can probably end the year with a balanced budget, according to Matthew Costigan, treasurer, because of the internal discipline which is being exercised by the Episcopal Church Center staff by reducing all but essential spending.
The income shortage could be as high as $400,000, he said.
The shortage, Mr. Costigan said, is due to income projections of General Convention of 1973 not materializing, including special gifts and legacies; by the inability of four dioceses to meet their pledged apportionment in full; and by reduced income from short-term investments, a part of the entire nation's economic woes.