2nd Quarter 2026 Financial Update

Finance Committee Report
2nd Quarter (January-June)
2026 Financial Overview 

2026 Approved Budget

Revenues + Designated Operating Reserve = Expenses
$4,086,672 + $396,637 = $4,483,309
The projected Deficit, $396,637, will be met with Designated Operating Reserve funds.

2nd Quarter (January-June)
Revenues and Expenses

2026 Budget Management Strategy

Revenues ABOVE budget and Expenses BELOW budget Reduce Total Designated Operating Reserve needed to balance the budget at year’s end.

Your Vestry, Finance Committee, Stewardship Committee and St. David’s Staff are working together, committed and focused, to reduce the Budget Deficit.

2nd Quarter Financial Overview

Total Revenues $52,532 BELOW Budget
Total Tithes and Offerings
     $1,218,685 Tithes and Offerings through June 30 ($329,185 ABOVE Budget)

The very successful Lenten Match Giving Campaign, above budget Plate Offerings, and a generous estate gift contributed to ABOVE budget Tithes and Offerings.

Pledged Giving

 2026 Lenten Giving Match Campaign - Pledged and One-Time Giving 

Thank You

The 2026 Matched Giving Campaign supports our living into being authentic, bringing our full and true self and all our gifts to the work of the Kingdon of God.

Do you feel called to make a 2026 pledge? Do you wish to make an additional gift in 2026 above your current pledge?

Contact Eric Malnassy, St. David’s Director of Stewardship and Planned Giving

Your Gifts of Time, Talent, and Treasure are so very much appreciated in our lives, together, at St. David’s.

Garage Revenue

AirGarage began managing the parking garage January 2, 2026, and the surface parking lot came online March 16, 2026.  Each month, Garage Revenue St. David’s receives is 85 percent of net revenues; AirGarage receives 15 percent of net revenues.  AirGarage has an incentive to increase parking revenues, and St. David’s monthly revenues increase.   

Continued regular communications between St. David’s staff and AirGarage management focuses on AirGarage’s efforts to improve revenues through marketing, increasing visibility and ways in which contract parking options meet the needs of downtown workers who have parking needs part of the week when in the office.  Parkers have discovered the surface parking lot; March 16 – June 30 revenues are $8,678!

Hospitality

Revenues from Wednesday dinners and Thursday lunches revenues are exceeding budgets through June 30.  Proactive marketing and direct contacts strategies are focused on increasing “Room Rentals” and “Food & Beverage” sales.

Foundation Support

The Foundation Board of Directors approved an additional 1% supplemental distribution in 2026, for a total of 5%, to address continued decline in garage lease payments. This supplemental support is $71,785.

Total Expenses $101,151 BELOW Budget

Understanding the need to plan a constrained 2026 budget, our St. David’s staff and leadership are proactively and carefully considering projected expenses in 2026.  Through June 30, spending BELOW Budget is attributed to staff and leadership considering any opportunities to reduce expenses. Thank you.

Planning for St. David’s Financial Future - 2027 and Beyond

The annual budget planning process will begin in August.  Each year we look to the future, preparing detailed Revenues and Expenses projections, for the next three years.

Integral to this process will be a robust and inclusive planned fall Pledge Giving Campaign lead by our Stewardship Committee members and Eric Malnassy, St. David’s Director of Stewardship and Planned Giving.

Updates as the budget planning process progresses will be included in the 3^rd Quarter (July through September) Financial Overview.