Congregational Meeting October 12th: FINANCIAL DECISIONS AND DISCUSSION The October 12th congregational meeting immediately after church is a quarterly financial meeting in response to the congregation's request for current financial information. There will be three agenda items: 1. An update on the current capital debt. 2. A vote on a proposal to eliminate the capital debt. 3. A presentation and discussion on the proposed target budget for 2009. Update on Capital Debt This congregation has paid over $2.8 million on a total capital debt of $3.2 million in the past eight years! This averages over $400,000 a year toward the debt reduction and leaves us with a projected balance just under $300,000.00 in June, 2009 when the Capital III campaign is set to end. The original consultant on the building project suggested that we could not raise more than a million dollars for building nor could we continue to increase our general operating budget and build a new sanctuary. We have proven the consultant wrong on both counts!! She now uses this congregation as an example of what a congregation can accomplish. Proposal to Eliminate the Capital Debt We are now at the point of deciding how to eliminate the debt after June 2009. The Church Council proposes the congregation: Authorize the Church Council to conduct a "Retire the Debt - June to June" campaign prior to June 2009 to obtain pledges that would eliminate the building debt by June 2010. The campaign would be conducted in early 2009 with the understanding that any debt left in June 2010 would be included in the operating budget as the primary source of funds for payment. The Church Council used the following key points in bringing this proposal to the congregation: A. The remaining 2009 balance is close to what has been pledged per year for the last nine years as part of Capital I, II, and III Campaigns. B. Asking for building pledges would allow us to include the large number of new members that have joined this church in the past three years. C. Interest on a "building loan payment" plan if continued as a yearly expense would nearly double the cost of the remaining loan..