Boston’s financial situation

Boston’s financial situation

The Archdiocese of Boston’s audited financial statements for last year show a $19.24 million deficit for last year alone. (Boston Globe, Boston Herald).

I have to apologize to Mary because she was right a few weeks ago when we had our debate over the archdiocese’s budget deficit. (Of course, she was also wrong to claim that the budget was $4 billion). The deficit does not include spending by parishes, schools, or hospitals, and that $19 million is just for one year. The Archdiocese also said that it will require more budget cuts.

Here’s how it breaks down. The Archdiocese took in a total of $136.4 million, but $104 million was from the sale of property to pay for Scandal settlements. That left them with $36.4 million, $4 million of which was restricted (could only be spent on specific things) and $28.4 million unrestricted.

The Archdiocese’s expenses totaled $51.48 million (not including parishes, schools, hospitals, or Catholic Charities). $12.93 million paid for settlement-related costs: $5m for abuse outreach and prevention; $1.5m for legal fees; and $6.3m to finance loans.