At its Sept. 4 meeting, the board also heard about how reductions in budgeted Fiscal Year 2021 expenditures will have a significant impact on LCMS mission and ministry efforts.
Due to near-term COVID-related challenges, the Board in April had endorsed a proposal from the Operations Team to prepare spending forecasts through the end of the current fiscal year and abbreviated budget proposals for just the first quarter of the next.
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.
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.
“Finances are first and foremost on everyone’s heart,” LCMS Board of Directors Chairman Rev. Dr. Michael L. Kumm says during the Board’s Nov. 17-18 meeting in Schaumburg, Ill.