In the last three years, the weekly collections have increased from $254,000 to $369,000 – a 45% increase, which is quite remarkable. This increase reflects our faithfulness to the history of the parish, our love for what this parish means to us today, and our hopes for what God will continue to accomplish through it in the future. The increase has allowed the finance council to accomplish its greatest priorities: to balance the budget, pay down our debt, and maintain our physical plant.

Sometimes we might forget that the parish receives no funding from outside sources, and our financial health relies entirely on your generosity and support. And just like the cost of running your households, the cost of operating the parish increases from year to year, especially with the rise of insurances, employee benefits, utilities, and repairs – although they say we can expect a break in our heating bills this winter, we’ll see.

But speaking of our heating bills, last winter was the first time we have ever been able to keep current on our heating bills from Sunshine Oil – we were able to pay our bills on time without carrying any balance forward when the winter months were over. This is a significant achievement, and it’s a result of your faithfulness to the monthly fuel collection. I realize that last year was difficult for most of us, and for us to be having the kind of year that we had means that you are making sacrifices in order to take care of your parish – that’s what stewardship is about, and I’m thankful that I’m not in the position to have to get up here week after week to beg you for money to make ends meet. That’s not something I like to do – but this is why the finance council has been open and up front about our finances: if you see what we see, then we won’t need to beg you. I know that you’re here because of your love for your God and your faith and your church, and that love is expressed by your generous support and faithful response to the needs that we have as a parish. And you have made my job here as pastor a whole lot easier and more enjoyable, and I thank you all for that.

This is also an occasion to thank each of you for your financial support to the Catholic Charity Fund Appeal – for the first time in many years, we reached our parish goal! Also, to everyone who has supported the special collections that bring support and care to the missions and to people around the world. And your continued generosity to the parish St. Vincent de Paul Society has helped struggling families in the East Bay who need food, prescriptions, or help with paying their heating or electric bills. All tolled, Saint Elizabeth Parish raised more than $78,000 last year for these charities that bring aid and comfort to the poor in different places throughout the world, and right here at home in Rhode Island and the East Bay. And we all know that if it weren’t for our faithfulness to those in need, we wouldn’t be able to rely upon God’s continued support and blessings upon us, our families, or our parish.

Our long-term loan that we opened in 2005 to pay off the debts of Saint Elizabeth School continues to be our heaviest financial burden. But the burden is getting lighter. In the last year, we have kept current on our payments of $2400 a month, and thanks to a successful fund-raising year that allowed us to get ahead on our bills, we were also able to pay off an additional $42,000 of principal, including a recent payment of $20,000 that came directly from our carnival proceeds. Our loan balance is down from $344,000 in 2005, to $225,000 today (down 16% last year and 34% since the loan was opened just four years ago).

As far as our short-term payables and month-to-month balances, we are now current on everything, including the big name items like the assessment, medical benefits, and property insurance – all have a zero balance! The bottom line: we are $65,000 less in debt today than we were just one year ago, and $140,000 less in debt today than we were two years ago.

Now why is that so important? Why is it important for us to unload our debt so quickly? First, there’s the interest we pay on our loan. Last year, we paid almost in $13,000 in interest alone on our school debt. The sooner we unload the principal, the sooner we knock down those interest payments (they’re already down $3,000 from last year). Also, sometime next year, the parish will begin to form a centennial committee that will take responsibility for planning the events of our year-long 100th anniversary celebration, which will run from 2013-2014. That may sound like it’s in the far distant future, but the actions we take today – in paying down our debts, and improving our physical plant, are laying the foundation for us so that we can truly celebrate that year.

What has been that foundation? Well, in the last several years, we have focused our capital improvements on the parish grounds, a new fire alarm system, the church exterior, the kitchen, the auditorium, and, to some extent, the rectory. And all of these improvements have been necessary; they are investments that have lead to more growth. Now, in the next few years leading up to our 100th anniversary, it might be time for us to look at the interior of the church, an area that has not received much attention in recent years. If the economy begins to improve and if things here stay on the right track, we might be looking at the possibility of a capital campaign in 2012 or 2013 to fund an interior paint job (you can see that the plaster has begun to peel and blister in many places, including here at the front of the church, where a large section of plaster fell last month). We would also be looking at restoring the pews, kneelers, and floor, and perhaps the addition of stained glass windows. For it’s 100th birthday, the church may look more glorious than ever, God willing.

In the meantime, we will continue to work hard to lay the foundation that is needed before such an undertaking can be considered: we will keep a balanced budget, continue to pay down the debt, cut spending where possible, and keep you informed about the decisions that we make for the parish. We all need to be on the same page in order to keep on the right track and move ahead in the right direction.

Saint Elizabeth Church is God’s gift to us. It has been handed down to us by our parents, grandparents, and great-grandparents who worked hard and sacrificed so that this might be a fitting place for our families to worship God, thank God, honor our sacred traditions, and celebrate our identity as Catholic Christians. This is where it happens; this is where we experience God’s presence, life, and love – in the sacraments, in the faith we share and celebrate, and in our many dinners and social events when we get together as a community to build and strengthen our friendships and discover God in one another. Our thanksgiving for these experiences is expressed in the ways in which we support the parish today with our time, our talents, and our treasures. If we continue to support the church and to support one another, we will honor our call to be good stewards of the gifts we have been given, and our God will continue to get the best out of us – we know He deserves nothing less.

Click here to read the 2008-2009 financial report.

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