A communiqué released on Saturday by the Vatican’s Secretariat for the Economy provides a synopsis of the Annual Accounts of the Holy See, Vatican City State and Related Entities for 2015.
Please find the full text of the communiqué below:
The Holy See recorded a deficit of Euros 12.4 million in 2015.
sources of income for 2015, in addition to investments, include the
contributions made pursuant to Canon 1271 of the Code of Canon Law
(Euros 24 million) and the contribution from the Institute of Works of
Religion (Euros 50 million).
As in previous years, the most significant
expense for the Holy See is the cost of personnel.
The Governatorato of
the Vatican City State indicates a surplus of Euros 59.9 million for
2015, largely due to continued revenue from the cultural activities,
especially those linked to the Museums.
The 2015 Annual Accounts
represent the first set of financial information prepared following the
Vatican Financial Management Policies (VFMP), approved by Pope Francis
on 24 October 2014, which are based on International Public Sector
Accounting Standards (IPSAS).
The Secretariat for the Economy informed
the Council for the Economy that the journey towards a full
implementation of the VFMP is firmly underway and highlighted that,
however, a few more years will be necessary for this process to be
completed and a full audit to be performed.
The 2015 Annual Accounts
represent an important step for the economic reforms and along the
journey towards new policies, which are progressing well. The Council
for the Economy noted the unaudited 2015 Consolidated Annual Accounts
during this transition period.
The adoption of the VFMP greatly benefits
the Holy See and the Vatican City State in enhancing quality and
transparency of the financial information and increasing discipline in
the financial reporting and control systems.
recommendation of the Council for the Economy in November of 2016, the
Holy Father took note of the 2015 Consolidated Annual Accounts.
Important progress has been made in the budgeting process.
Budget has been presented, for the first time prior to the start of the
new calendar year, to the Council for the Economy, which recommended its
This will allow further control on reviewing expenses,
through the monitoring of actual performances against approved financial
The Council for the Economy thanked the Secretariat for the
Economy for the strong commitment in implementing the economic reforms
approved by the Holy Father.