Financial Position Summary

For the fiscal year that ended July 31, 2024, Lakeside finished the fiscal year with a positive net income of $131,068 (compared to net income in 2023 of $113,184).  The church finished the year with $1,256,220 in general budget revenue.  Calculating expected growth and projected increases in certain expense categories, the Session approved a budget of $1,278,588 for the current fiscal year.

That budget is attached.  Beside the total for each budget category is a percentage of that category compared to the overall budget.

Cash Savings and expected designated expenses

The church has approximately $1,170,000 in its various checking and savings accounts. 

About $425,000 of those funds are earmarked for various designated projects outside of the general budget, including our Building Fellowship campaign.  We currently have about $350,000 in that fund after paying a good portion of the expenses related to the recently completed dirt work.

Another $750,000 of our funds are in our General Reserve account, which we plan to use some of for the upcoming construction costs that the Building Fellowship fund can’t currently cover.

As you will note, most of the reserve cash is for designated projects and savings, while our general budget is primarily covered by month-to-month giving.  As we approach this season of construction and campus expansion, giving to both the general fund to cover regular budget expenses and the Building Fellowship fund to cover construction costs is essential. 

If anyone has any questions about finances, you may fill out the form below, and we will answer any questions promptly.