Treasurer's Report

January 28, 2007

2006 Revenue Budget vs. Actual

2006 Expenses Budget vs. Actual

2006 Revenue vs. Expenses as of 12/31/06

Major Factor Contributing to
2006 Deficit

Utilities Costs were 14% over budget

Steps we have taken:

We have switched to Energy Solutions, USA, Inc. an Independent energy broker

They will give us expert advice on when to lock in rates
It is estimated that they will save us over $15,000 per year
Clients include Hochstein, Nazarath, RIT and The George Eastman House

Investment Portfolio

The current balance of St. Paul's investment portfolio is $16,543,268 an increase of $1,631,733 from 12/31/05.
We will be meeting with the investment managers in 2 weeks at which time anyone interested in more detailed results can contact myself or Spencer Cook, Investment Committee Chair.

Highlights of 2007 Budget

St. Paul's received several generous gifts specifically directed toward the music program
An allowance for uncollectable pledges was added to the revenue projection
2% increase in salaries
Organ maintenance increased by over $4,000 to do additional necessary repairs

St. Paul's FY2007 Budgeted Income

St. Paul's FY2007 Budgeted Expenses

Stewardship Campaign

2007 Stewardship Campaign	Pledging Units	Amount
2007 Pledges	325	$469,267
Outstanding pledges (Dollars pledged in 2006, but not in 2007)	30	$13,636
Amount of outstanding pledges considered uncollectible		($1,910)
Total expected pledge amounts for 2007		$480,993

New Pledges in 2007	37	$34,334
Pledges lost due to deaths	4	$1,302
Pledges lost due to transfers	6	$3,300
Pledge amounts lower than 2006 pledge*	46	$31,891
Pledge amounts higher than 2006 pledge	103	$28,084

*The 5 largest reductions in 2007 pledge amounts totaled $21,723. Reasons for reductions are due to family relocation and changes in personal financial situations, not due to dissatisfaction with St. Paul's