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.”
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.
Also in its regular meeting, the Board considered ways to increase effectiveness, received reports and took routine actions.
Frank Simek of Keller, Texas, is appointed by the LCMS Board of Directors as the Synod’s new chief administrative officer, effective Oct. 2.
Actions at the Board’s May 19-20 meeting in St. Louis include adoption of a prudent, lean Synod budget, contingent on further expense reductions.
The campaign to fund renovation of the Old Latin School in Wittenberg, Germany, is successfully completed.
The updated “Handbook” includes the Constitution and Bylaws of the Synod and features a revised and expanded index and a first-time separate red-lined edition.