Town Hall Meeting Q & A – 11-20-2010
23 Nov 2010 Leave a Comment
Questions Raised at 11/20/10 Informational Meeting
Has Ministry Council (MC) considered refinancing current debt?
Loans are with Lutheran Church Extension Fund (LCEF). Interest rate floats and is currently at 5 to 5-1/2%. Commercial Lender may have lower rate; they will want first position on our building which LCEF now has. LCEF supports our mission. Commercial Bank Loan will want a term of 5 to 10 years. LCEF will give us 20-30 years. LCEF works with us on payments in lean times. Refinancing would require a Supreme Court Approval process and associated fees.
Are costs for computers, screens, sound equipment and other multi media equipment included in basement renovation estimated costs?
Those items have not been itemized. They would be part of $18,500 Furniture & Fixtures line.
Can we afford to borrow that much money in overall budget of church for bridge loan to do construction now?
Yes, because we have commitments for that much money in capital campaign. This is separate from church operating budget. Cost to borrow is estimated at $25,000.
Capital campaign included a parking lot. What are estimated costs for putting in a parking lot and how do we plan to accomplish?
Today’s presentation shows $125,000 set aside to purchase the house next door. Estimates need to be gathered for parking lot. Demolition costs could be $50,000 and parking lot construction in the $125,000 to $130,000 range.
Capital campaign had 3 parts; $500,000 for basement renovation, $1,000,000 for debt reduction, $500,000 for property acquisition/parking lot construction. We raised $534,000 of $2,000,000 goal. If we want to do it all, then MC needs to go beyond 3 year plan to 5 or 6 year plan that may include a second capital campaign. What are the priorities for the timing of each project?
It took 2 capital campaigns to do the last building expansion and church experienced the cost of waiting.
Will town approve parking lot in residential area?
Residents objected when we previously applied to put in a parking lot across the street and we chose not to pursue it. The variance process may be easier with contiguous land.
Has RC looked at different options for build out of basement?
RC has worked for many months. The plan is more cosmetic than structural. Some of the basement work, such as electrical repairs, needs to be done no matter what. LBM will let us use sweat equity. That is already part of the estimate for the Jesus wall and could help reduce costs in other areas.
Bridge loan lets us take advantage of current low building costs. Construction period is estimated at 4 months and we will have the use of renovated space for much of the capital campaign.
Homeowner told Pastor she hoped we could wait a couple years to tear down her house because all was new.
The church is currently saving $1,684/month as a result of debt reduction. This will total over $50,000 during time of capital campaign.
Next steps:
Members of RC have offered to come to smaller group meetings for Q&A on the basement renovation.
MC to recommend long range plan to accomplish basement renovation, parking lot and debt reduction that includes priority/timing and recommended financing to support it.
Congregation voters meeting would be needed to secure loan and start basement renovations.
Comments after the meeting:
We need more closed meeting spaces especially during Education hour on Sunday.
Don’t buy the white folding chairs pictured in video.
Ministry Council Minutes – October 18, 2010
20 Nov 2010 Leave a Comment
Ministry Council Meeting – Regular Session
Monday, October 18, 2010
At Jenny Cascio’s House
FIRST TRINITY LUTHERAN CHURCH
Attendance:
Present: Pastor Charles Whited Excused: Leo Figini
Marlene Carr – Treasurer
Jenny Cascio – Member at Large
Kim Kwietniewski – Member at Large
Jonathan Morris – President
Jim Passage – Vice President
Joel Rockensuess – Member at Large
DEVOTIONS:
The meeting was opened at 7:00 PM with devotions by Marlene Carr.
APPROVAL:
A motion by Jenny Cascio and seconded by Marlene Carr to accept the September 13, 2010 Ministry Council minutes. Approval to accept the minutes as presented was passed unanimously.
PASTOR’S REPORT / GENERAL DISCUSSION:
Report re-printed herein as follows:
Pastor Whited’s Report To God be the Glory
Ministry Council October 18, 2010
The mission of FIRST TRINITY LUTHERAN CHURCH is to transform our world one life at a time through the power of God’s Living Word.”
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
September: 2007 2008 2009 2010
Total: 1,963 1,697 1,617 1,648
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Official Acts since last meeting:
Baptisms: 1 – “He who has believed and is baptized shall be saved; but he who has
disbelieved shall be condemned.” (Mark 16:16)
Funerals: 3 – “Truly I say to you, today you shall be with Me in paradise.” (Luke 23:43)
Weddings: 2 – “Consequently they are no longer two, but one flesh. What therefore God has
joined together, let no man separate.” (Matthew 19:6)
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Staff Changes:
I met with Jubal and offered him the position of Director of Contemporary Worship. He joyfully accepted. We will look for an installation toward the end of October.
Capital Campaign:
We received the numbers from LBM. They came in lower than expected. That is great news. We will be sending out a letter to update the congregation, as well as thanking them for their support of The Lord Builds campaing.
Executive Ministry Team:
The E.M.T. has restructured the way we meet and report. So far it seems to be going really well, although we only have a couple of meetings under our belt. They have set some short range goals for the coming year. Those goals will be used to do an evaluation next year.
Speaking of evaluations, I will start on those with the staff and E.M.T. this month.
The E.M.T. is working on their budgets and reports for the coming year.
Worship:
We are making changes in worship. We are going to try to go paperless. We will print a handful of bulletins for those who truly need them.
Mission Madness:
Miriam Adams has taken over Mission Madness. It will be held November 13. It is our only mission fundraiser for the year, so please come out and support this wonderful ministry.
Haiti:
We have two teams going to Haiti because we have around 15 people interested in going. This is exciting. Sue will lead one team and I will lead the other. We have about 5 young people going as well.
Something to Ponder:
We should consider going to a fiscal year, running from August to July, or September to August. It just makes sense.
Don’t forget to check out my blog: chuckwhited.wordpress.com
“Now to Him who is able to do exceedingly abundantly beyond all that we ask or think, according to the power that works within us, to Him be the glory in the church and in Christ Jesus to all generations forever and ever. Amen.” (Ephesians 3:20-21)
In addition to above what was in Pastor’s report a few additional notes:
-22 are scheduled to go to Haiti
-In discussion of possibly changing fiscal year a couple of questions came up:
1) Would we need to schedule congregation meetings different in order to meet our requirements?
2) Would changing the fiscal year require a vote at the annual meeting?
FINANCIAL REPORT:
First Trinity Lutheran Church
Treasurer’s Report
October 18, 2010
- Giving is currently about $38,000 under budget. Giving has been up during September and October. I would expect us to be under budget in this area at year-end between $25,000 and $30,000.
- We have currently overspent our budget by about $4,000.
- The 2009 Financial Review letter has been received. We have been found to be in conformity with generally accepted accounting principles.
- Received notification from LCEF that the interest rate on the mortgage for 193 Glenhurst has been lowered from 5.75% to 5.25% effective with the October 1, 2010 payment.
- Capital Campaign:
- We have received $123,009.50 of the $534,583.00 that was pledged.
- Expenses so far have been $33,814.29
- Per discussions with Kathy Passage and Kevin Cross the debt retirement of $19.981.17 was from Capital Campaign Funds. We will investigate if all or part of this money was, in fact, from the debt retirement portion of the capital campaign and adjust the accounts accordingly.
- On the Profit & Loss Budget vs. Actual, the items in yellow have not been pulling over from Quickbooks. Will work with Kathy to correct.
- EMT’s will be receiving their budgets this week. They will receive both an electronic and hard copy of their budgets.
- We do not expect to have a budget surplus this year to balance the budget. This will immediately give us $20,000.00 less to work with than we had last year.
- Strongly recommend that the EMT’s and M.O.M. curtail their spending because of the predicted shortfall of budget income.
Respectfully submitted,
Marlene Carr
Treasurer
- There was some additional discussion regarding Marlene and Tim Hartnett planning to have a meeting with Citizen’s Bank and additionally looking at all possible funding sources to help bridge the time gap for when money would be needed for construction and when all the money would be coming in for the capital campaign.
- Also some comments in regards to where giving is and implications in 2011 budget.
OLD BUSINESS / UPDATES:
- Leo had prior questions regarding July minutes and he let us know they are now released on his blog.
- Capital campaign may be some from CC and some from budget
- Our neighbor is moving out in Spring, has already bought a new place, still don’t have purchase price.
- For immediate funds for construction if needed we have money from giving, current cash available, Ameritrade account. Could potentially borrow against house next door.
NEW BUSINESS:
- Bids came in for the building / basement today.
- Base project $298k
- Full elevator w/all the construction needs was $124k. We will need to look at other options as this price will not be feasible with our budget.
- Additional soft costs and incidentals $79k
- Range of $379k w/o elevator and $502k with elevator.
- Jon will meet with the building committee to discuss options
- We are realistically looking at being able to manage a $400k project.
- $34k is already spent and we need to consider the house next door
- Marlene and Tim Hartnett will look into Citizens Bank for a bridge loan.
- There was a question if it matters if our tellers are not a member of the church and Marlene wondered if it might affect bonding or insurance policy.
- Elections are in June – not sure what positions and who. Will discuss in November meeting.
- Upcoming Ministry Council meetings are as follows:
Monday, November 15th at Pastor’s house
Monday, December 13th at Leo’s house
Monday, January 10th, Joint meeting with Ministry Council and E.M.T. at Joel’s house
Saturday, January 29th, Voters meeting, 10AM
CLOSING PRAYER:
- Pastor Whited closed the meeting with prayer. Next scheduled meeting is Monday, November 15, 2010 at 7PM at Pastor Whited’s.
Respectfully Submitted,
Joel Rockensuess
Ministry Council Member at Large for Leo Figini
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