FOR IMMEDIATE RELEASE
November 17, 2023
Contact: Brandy Bivens
615-369-2338
Nashville, Tennessee – The Board of Directors of the General Council on Finance and Administration (GCFA) held its quarterly board meeting virtually November 17, 2023, where it approved spending plans and received an update on the quadrennial budget process ahead of General Conference.
The 2024 spending plans of the general agencies receiving general Church funds, including GCFA, were approved. The total spending in the 2024 plans show a decline of 15% compared to 2017. Reserve changes were reviewed for each agency. Overall unrestricted reserves are projected to increase by $3.2 million in 2023 and decline by $9.2 million in 2024. All but two agencies are projecting a decline in reserves, but each agency has sufficient reserves to accommodate their spending plans.
The Board also approved the 2024 spending plan of $24.8 million for the Episcopal Fund, as is required each year. Assumptions for the spending plan include a jurisdictional apportionment collection rate of 85% and central conference collection rate of 50%. The spending plan also includes a 3% increase in salary and office allowances for all Bishops, while the housing allowances will remain at 2023 levels. The Board also approved continuing a stipend through August 2024 for active Bishops serving more than one area, at $2500 a month, as having nine active bishops serving in interim roles represents a savings of $1.45 million.
The Board also received an update on next steps in the quadrennial budget process. The GCFA Board will meet in February 2024 to approve an updated budget, once year-end statistics, including disaffiliation, are known. Following that meeting, GCFA and The Connectional Table will meet to discuss allocations, and the final budget as recommended will be presented in committee and plenary at the General Conference, which starts April 23, 2024.
The Board also affirmed the intention to begin reinstating the housing and office allowances to the East Africa Episcopal Area when the General Board of Global Ministries (GBGM) informs GCFA that adequate progress has been made on an agreement between Bishop Wandabula and GBGM.
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