2022-2023 Annual Budget
This $1.77 million budget only represents about 94% of the giving we expect to receive, giving us a nice buffer in case of emergency, inflation, opportunity, etc. Here are some of the factors at play in each of the different budget categories that brought us to our final number:
Staffing: Year over year, this budget category is receiving an increase of around $35,000 but the staffing category on the whole will take approximately 2% less of the overall budget than it did in ‘21-’22. This moves us towards the middle of our 55-60% target of budgeted dollars invested through staffing. The $35,000 increase is due to…
- A 2% COLA (cost of living adjustment) for all returning staff.
- An estimated 7.5% increase to the cost of health insurance for our full time staff.
- The addition of a few hours in the areas of communications and operations.
Operations: Year over year, this budget category is receiving an increase of around $58,000 and will take approximately 1.7% more of the overall budget than it did in ’21-’22. In its simplest explanation, this $58,000 increase can be attributed to…
- Paying 12 months of principal on our 2 mortgages this year as opposed to only 4 months in ‘21-’22 due to a 12-month interest only period we had on both of them after a recent refinance. This change is a $67,000 increase.
- Working hard to discover cost savings of around $9,000 through the rest of the Operations budget.
Ministry / Programming: Year over year, this budget category is receiving an increase of around $25,000, an increase of about 0.9% for this category compared to ’21-’22. In its simplest explanation, this $25,000 increase can be attributed to…
- Around $20,000 worth of increase in the Leadership Department of our Ministry Budgets primarily coming from the initiation of a new residency program and a required presence from our church at the Alliance’s General Council (an every 2 year gathering of leaders from our denomination).
- Around $5,000 worth of cumulative increases/decreases across the other ministry departments of our church.
Generosity: While this generosity category only includes planned generosity in our annual budget and not generosity extended by our church family in other ways (giving to the GCF, the Benevolence Fund, Short-Term Missions, projects for our local partners, etc.), we’re excited to offer a $9,000 increase year over year which equates to a slight percentage increase as well. Here’s where monies from this area of our budget extend…
- Locally to our Eastern PA Partnership through the Alliance and to Church Planting efforts.
- Globally to the international workers we have sent out from our church family, to our international partners (helping fund projects or special gifts for them), and to the Great Commission Fund of the Alliance (both to the General GCF as well as giving towards the specific work of a few of our international partners).
Reserve Funding: After seeing a solid increase in our reserves over the course of the last year - around $125,000 - we’ve decided to decrease the amount we put towards reserves each month, moving from $3,500 per month down to $3,000 per month. This accounts for about a 0.5% decrease to this budget category year over year. As stated above, with only budgeting 94% of the income from our church family’s generosity that we expect to receive, there is a strong possibility that reserves will grow outside of just this specific funding from our annual budget.
Current Financial Report
Daybreak’s Ministry Year (and thus yearly budget) runs from September to August.
Ministry Year Financials
(Sep. ‘22 - Aug. ‘23)
- Total Income as of 4/30/23: $1,712,167
- Total Expenses as of 4/30/23: $1,219,088
Includes All Income & Expenses
Budget (Ministry Fund) Financials
(Sep. ‘22 - Aug. ‘23)
Yearly Budgeted Need as of 4/30/23: $1,191,346
Total Ministry Fund Giving as of 4/30/23: $1,576,402
Allocated to Ongoing Ministry: $1,251,689
Allocated to Renovation Projects: $324,713
Questions? Email our Pastor of Operations, Jason Fickes.
