At the 2025 Annual Meeting, the vestry reported several areas of focus to address the shortfall from the loss of garage lease revenue (approx. $250K annually). Below is the status of this work:
The Finance Committee has met and identified two sets of actions to begin addressing the shortfall:
1. A 2026 Budget Subcommittee will be formed to begin the budgeting process now. Members have been identified, and a preliminary scope has been outlined. One significant change is that the vestry asked the committee to prepare a 3-year budget and budgeting process to implement with the 2026 budget.
2. The vestry Stewardship Committee would like to explore introducing multi-year pledging to fit into this new budgeting format. If it proceeds, that would be implemented in 2026 to align with the new budget model. We also want to identify ways to make stewardship a year-round activity. To this end, members of the vestry and Finance Committee will attend the monthly Stewardship Committee meetings to brainstorm ideas.
The treasurer and Finance Committee members will prioritize identifying multi-year facilities expense planning as part of the multi-year budget. Of course, identifying expense synergies will be part of this planning process.
The Garage & Hospitality Marketing Task Force met to identify priorities for enhancing revenue in these areas. A 2-5-year market analysis of garage use and parking trends in downtown Austin is underway. These activities will inform strategies to increase garage lease income in partnership with Metropolis, implement the 3-year budgeting plan, and devise Project 32 ideas to maximize revenue from any new developments.
The group will also look at a branding relaunch of The Space at St. David’s to increase event and hospitality income. The Austin Convention Center will close this year for expansion to reopen in 2029. This is potentially an untapped market for us.
The Project 32 Committee is being reimagined as a working group focused on translating concepts into outcomes.
Finally, the vestry extends our deepest gratitude to the parish for giving their time, talent, and treasure to support St. David’s. If you have yet to make a financial commitment, please prayerfully consider doing so now, as we continue navigating the uncertainty related to the lost garage revenue.
Peace,
John Crow
Senior Warden
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