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The Albany Diocese has issued its annual financial report, summarizing its revenue and expenses for the past fiscal year.

Diocesan officials note that the Diocese's financial condition is strong. For the fiscal year that ended June 30, 2011, revenues were up over the previous year: $9.73 million, compared to $9.26 million for the fiscal year that ended in June 2010.

"I'm pleased, because despite the challenges in the overall economy, the Diocese continues to be in solid financial shape," noted Rev. Kenneth Doyle, diocesan chancellor for public information. He is also pastor of Mater Christi parish in Albany.

Father Doyle noted "how grateful the Diocese is for the continued generosity of Catholics."

The report shows a year-end deficit, attributed to a transfer of bequests received in a previous fiscal year, totaling $1.4 million, over to the priests' retirement fund.

Father Doyle told The Evangelist that there are currently about 90 retired priests in the Diocese, and the investment fund that provides for their retirement had suffered in recent years because of the weak stock market.

"That bequest will help ensure the fund remains adequately funded as more priests approach retirement age," said a statement from the Diocese.

If the bequest transfer is not included as an accounting expense, the Diocese ended the financial year with a surplus of about $500,000, rather than a deficit. The increase in revenue is largely due to bequests and donations to the Bishop's Appeal, said Father Doyle.

Regarding two areas where the report cites decreases, he noted that the "Called to be Church" process requires less funding, now that the major changes in the Diocese have been completed, and that fewer seminarians are currently in formation for the priesthood.[[In-content Ad]]

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