The meeting was called to order at 11:00 am.
The Board of Finance seeks the membership’s approval to transfer an additional $6,000 from the endowment to the operating budget.
C. Grenier made the motion that the membership of the Waterbury Congregational Church approve the transfer of an additional $6,000 from the endowment to the operating budget. This was seconded.
P. Plagge and D. Leavitt explained why this became necessary. In the past, the budget was usually padded with a guesstimate of how much more money would be contributed beyond pledges, to the tune of $20,000 to $30,000. But for the past few years, that much extra money hasn’t materialized, which then puts the budget into negative funds. It was suggested that this practice should stop, offering a more realistic picture of available funds.
D. King explained that our funds have done well recently, with nearly $20,000 in dividends generated. Therefore, transferring these funds would not be a draw on the principle. He also suggested this not be termed a loan, to be repaid, but simply consider it spending funds we have available. T. Leavitt feels we are being conservative in the handling our finances.
We are behind in pledges which has made cash flow difficult. The completion of our own pledges to OCWM and the Vermont Conference have been postponed. It was suggested that we take a look at the membership role for the current number of actual members which we could then present to these organizations to decide how much our church should be contributing.
P. Plagge stressed that this meeting was really called for transparency, to help everyone understand why the transfer was necessary, not to beat ourselves up over it. He says we have 54 pledging members which is very good for a church our size. J. Buck warned that even with the current good dividends, we should be keeping a close eye on our finances as the U.S. and world economies could change at any time. He suggested meetings like this were a good idea.
The motion was called for a vote and passed unanimously.
There was a question about the stained glass windows and whether their repair was being considered. P. Plagge shared that the company with the lowest bid to do the work actually noted that the windows weren’t really in such bad shape and repair could be postponed.
The meeting ended at 11:20 am.