The revised budgets include funding to cover initiatives the General Assembly approved in July – actions that add $296,000 to the budget for 2011 and $208,000 in 2012.
The revised budget for 2011 is $82.5 million, including $1.3 million drawn from reserves. And the 2012 budget is nearly $81.1 million, with more than $1.8 million from reserves.
Joey Bailey, the denomination’s chief financial officer, said the revised budget also will add funding to cover a possible 1 percent dues increase from the Board of Pensions. Some shifting within the budget also is being made to accommodate a new cost allocation system, which is intended to more accurately assess to each ministry division administrative, overhead and other expenses associated with doing the denomination’s business.
