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                                    HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                                 April 16, 2009 

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Don Felix, Jack Daniels, Paula Beine, Mike Nowack, Harry German, Kathryn Fisher Davies, and Pete Rettler.  Absent were: David Beine, Chuck O’Meara and Randy Lawson. 

MINUTES OF THE PRIOR MONTH
A motion was made by Don Felix and seconded by Harry German to accept the minutes from the prior month.  The motion was approved unanimously.

REVIEW OF FINANCIAL STATEMENTS - March
The balance sheet was reviewed and it was noted that the Holy Angels Parish Savings was listed at $185,282; this is the first part of the “Restricted Funds” being brought over to the consolidated Balance Sheet per the audit and will be shown in the future as “Restricted Funds”.  It was noted by Jack that as the parish CD’s mature (part of the Restricted Funds account) they will show up on the Parish Balance sheet in this account as well. 

The Faith in the Future account has a balance of $45,658. (An aside: Jack asked if the Council had agreed to start dispersing some of the Faith in our Future funds and Fr. Brittain indicated the Council has given their permission to start dispersing the funds.  Jack also proposed to move Faith in our Future to its own P&L Statement.  Paula agreed and thought it was a great idea.)   

The profit and loss statement was reviewed.  Weekly envelopes are slightly off budget by ($1,759) and year to date was off pace by ($89,549).  Jack noted that School Tuition is where it needs to be and does not have a concern.  On the expense side Jack noted that Salaries $15,353 (negative to the budget) was countered by Annuity Premiums $13,891 (positive to the budget).  Jack noted that the Repair and Maintenance budget is slightly over and that the Utilities account is in great shape.  There have been no capital expenditures this year. 

Jack asked if the Council would want to limit Buildings and Grounds expenses this year.  Mike asked when the Finance Committee may need help from the Council for recommendations relating to any pending deficits.  Jack mentioned that the final resolution would be needed at the June meeting.  Jack noted that the Rolfs’ Foundation Trust was also an alternative to be considered in the event of a shortfall.   

ANNUAL BUDGET CONSIDERATIONS
After last month’s Council meeting, Jack had asked Mike Sternig to adjust his budget so as to include a 0% increase in salaries as well as a 0% increase in tuition with a Parish subsidy of $612,000 (resulting from discontinuing loan repayments to the School Trust).  Mike had not had the opportunity of sharing with Jack the “final” budget detail. Jack was not aware of what number of students Mike was using to in the new budget either.  The Finance Committee will ask Mike to provide him with detail for the School’s final budget to include: tuition, salaries, student numbers and the football fever replacement. The budget will be circulated to the Council via E-mail and Paula will need to respond to the School Board and the Finance Committee with the Council’s acceptance or rejection of same. 

PROPERTY AND GROUNDS UPDATE
Finance Committee recognizes that “go green” is a common theme nowadays.  Jim Schmidt is pursuing lighting fixtures and is interested in talking to someone knowledgeable of solar collection systems.  Mike Nowack offered to get a name for Mike to begin talking with. 

AUDIT DISCUSSION
David Beine has written the reply.  Paula handed out the new version and it included the suggestions made by Chuck. 

Jack made the suggestion that if the Council was still interested in forming a Financial advisory/audit group to provide oversight to the Parish on procedures, etc., that this might be a wonderful time to do so. 

SCHOOL TRUST FUND
A meeting is scheduled for April 30^th at 7:00 PM. 

SCHOOL TASK FORCE
There have been a few lively meetings and the Finance Committee is represented well on many of the subcommittees.  The next joint meeting is scheduled for April 21^st at 6:30 PM. 

ADJOURNMENT
A motion to adjourn was made by Harry and seconded by Kathryn.  The motion was approved unanimously. 

Respectfully submitted,    

Pete Rettler