Due to two major triennial events, the approved budget is $12 million higher in FY20 than in FY19, but the expenses for those events are essentially recovered through fees.
The move, which brings the Synod’s indebtedness to external entities to zero, will save $1.4 million a year in principal and interest payments.
Preparations for the Synod convention are proceeding on schedule, and three major Synodwide initiatives are newly underway or soon to be.
At its November meeting, the Board heard from its chairman about efforts to increase the efficiencies of corporate Synod so the church can use the savings on its “core competencies.”
With the unanimous concurrence of the Board for International Mission, LCMS President Rev. Dr. Matthew C. Harrison has named the Rev. Daniel F. McMiller as the new executive director of the Office of International Mission.
Meeting in St. Louis May 18–19, the LCMS Board of Directors adopted a fiscal year 2019 operations budget of $69.4 million, a figure nearly $8 million lower than that of the current fiscal year, which ends June 30.
At its Nov. 16–17 meeting, the Synod’s Board of Directors fixed its gaze on “facing the realities” of the Synod’s finances and membership demographics.