2023 Diocesan Budget 2023 Diocesan Budget

Episcopal Diocese of Southwest Florida

The 2023 Diocesan Budget Process and Reporting

This diocesan budget is the product of a deliberate process of conversations that include the diocesan community through Diocesan Council, committees, leaders and focus groups. While truly a year-long process, the budgeting work formally begins in June and continues through final presentation in October.

* The Office of the Bishop staff communicated with a variety of diocesan leaders regarding individual line items.

* The Endowment Fund Board determined the 2023 spending rule per the Endowment Fund Policy. Funds available for distribution are determined by using a total return principle. The approved spending rate for 2023 is 4.25% of the three-year rolling average market value of the endowment account ending in June 2022.

* The Compensation for the Bishop Coadjutor will be negotiated as part of his Letter of Agreement. Appropriate contingency has been included in the 2023 budget to account for any change in compensation.

* The Finance Committee reviewed draft budgets in their June and August meetings, and recommended the final draft to Diocesan Council.

* Diocesan Council approved the final budget at their August 20, 2022 meeting.

* The budget was presented to convention delegates and clergy at the Fall Deanery Convocation in September.

Within this budget presentation are the following:

A. 2023 Diocesan Operating Budget - Summary (one page summary of the operating budget)

B 2023 DaySpring Episcopal Center Budget

C2023 Capital Sources and Uses of Funds

D. Endowment Spending Rule Analysis (explanation of endowment spending rule calculation)

E. Designated Funds (summary of the activity of the council-designated funds)

F. Restricted Funds (summary of the activity of the individual donor-restricted funds)

G. Apportionment Schedule (detailed schedule of 2023 apportionment amounts which fund the diocesan budget, by church)

H.Apportionment Calculation (detailed definition of the apportionment calculation in our diocese)

Note: The 2023 Diocesan Operating Budget - Detail (detailed operating budget) is available for viewing on the Diocesan website.

Episcopal Diocese of Southwest Florida 2023 Diocesan Operating Budget Summary

Notes a. Income released from restricted or designated accounts that is restricted to a particular expense category ($454,000) is presented as an offset to the expense (detailed budget available on the Diocesan website).