PHILADELPHIA (PA)
Catholic Philly
By Lou Baldwin • Posted November 3, 2016
New financial statements for the Archdiocese of Philadelphia released Nov. 3 by the Office for Financial Services covering the fiscal year (FY) ended June 30, 2016 show continuing progress on the path to financial stability, especially in addressing the core operating deficit.
The financial statements, which were audited by the independent auditing firm Grant Thornton, show the core operating deficit for FY 2016 to be $0.3 million as opposed to $0.7 million in FY 2015.
That is down from $2.3 million in FY 2014, $4.9 million in 2013 and a whopping $17.6 million in 2012, the first year of Grant Thornton’s audits.
Over the same period, underfunded balance sheet obligations have decreased from $354.4 million to $236.6 million.
“Our recurring deficit of $300,000 shows well and continues our recent trend of a somewhat stabilized result,” said archdiocesan Chief Financial Officer Timothy O’Shaughnessy. “It’s a deficit though and we’re still too fragile. I don’t believe we can sustain even at this slight deficit without further changes. We are committed to achieving a break-even result for our fiscal year ending June 30, 2018 and we are reviewing plans for that. These plans do not include a reduction in staff.”
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