The Anglican Church of Canada reported its fifth straight year of financial deficits last week, with expenses exceeding income in 2007 by £394,000.In a presentation to the members of the Council of General Synod (CoGS) --- the Canadian church’s governing body between meetings of General Synod --- church treasurer Peter Blachford noted the lose would have been £1 million had not the church received a refund from the Canadian government on funds paid in to the Indian Residential Schools Settlement Agreement --- a government organized fund to compensate those abused in church affiliated schools.
A major cost in 2007 had been losses related to the closure of the Anglican Book Centre (ABC), the church’s Toronto-based bookstore, which was sold to the Lutheran bookseller, Augsburg Fortress Canada.
“We knew we would have to clean up before turning it over to Augsburg,” Mr Blachford told the Anglican Journal. Costs for travel, upgrading the national church’s computer system and expenses related to General Synod’s triennial meeting in Winnipeg made 2007 a “transition year. It was a year of shifting into a new year with a new primate; it was a year to clean up the ABC.”
Investment income was flat in 2007, Blachford said, while contributions from six dioceses fell short of budget.
“There was also an issue of the timing of revenue streams. Some dioceses were under the gun financially,” he said.
Since General Synod did not receive some diocesan contributions on time, the national office incurred bank overdraft charges when it paid staff salaries, the Anglican Journal reported.
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