The Chair of the TEO Joint Standing Committee on Program, Budget & Finance has stated that TEO's income over the next triennium (2010-2012) is now projected to be as much as $9 million BELOW that projected in the draft budget already approved in January 2009. The $9 million deficit consists of $7.7 million less in anticipated Diocesan commitments and $1.3 million less in interest income on TEO's endowments. These new figures are based upon an ongoing survey of Diocesan Bishops and financial officers. Also, certain expenses such as the offices of the Presiding Bishop and the President of the House of Deputies, as well as the General Convention office, are as yet "unfunded", which I suppose means they have not yet been included in the budget.
The report did not specify why interest income on endowments has fallen, but the likely primary reason is that the financial markets tanked and took investment income with them. But it would also be interesting to see, if TEO would ever make full and honest disclosure, just how much of that interest income loss has been and will be based upon endowment money being withdrawn to fund litigation.
Here's my suggestion to Gen Con 09 delegates: Cut the litigation budget by eliminating all the lawsuits being instigated by TEO, and fire the High Priestess's new, high-paid litigation coordinator and her staff. Those two cuts alone would whittle down the projected deficit by more than half its $9 million total, not to mention be a highly Christian thing to do.
But we all know the High Priestess will never let that happen. So, just keep on re-arranging those deck chairs.
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