From Presbyterian News Service:
Senior staff of the General Assembly Council (GAC) of the Presbyterian Church (U.S.A.) outlined their plans for closing a $9.92 million shortfall in the 2009 General Assembly Mission Budget at a meeting of the council’s executive committee here March 24.
The proposal reduces expenses by $3.99 million and uses previous years’ reserves of $5.93 million to cover the shortfall. The net effect is a 4 percent reduction in the 2009 mission budget ? from $110,885,317 to $106,914,584 ? and represents a 16 percent decrease in the unrestricted portion of the budget and a 1 percent decrease in the restricted portion.
New revenue projections in all but one category of the mission budget that was approved last September show a decline.
The global financial crisis is blamed for the lower projection.