The HCGM 2020-2021 Consolidated Budget
On January 28, 2021, at the monthly HCGM board of directors meeting (and in the presence of the media), HCGM Treasurer Voula Neofotistos presented the consolidated budget for the organization for the period ending June 30, 2021.
Ms. Neofotistos summarized this budget as a very conservative one that reflects the current reality and restrictions we are living with through this Covid pandemic. It is worth noting that because this budget is being presented later than usual, we were able to include six months of actuals in our calculations.
The operating budget for the organization is $1.5 million less than the actual revenues for the last fiscal year. Total revenues are expected at approximately $14.36 million and $14.97 million in total expenses, with a deficiency of revenues of expenses expected at approximately $614,000. However, the organization will be applying for an additional CEWS subsidy of approximately $1 million which will be filed by January 31, 2021. This will give the organization an excess of revenues over expenses of approximately $386,000. Ms. Neofotistos reported that we will continue to monitor and apply for whatever grants are available and file accordingly going forward throughout the year.
In terms of our operating activities, the Treasurer reported a budgeted capital reduction of $380,000 to the line of credit and $293,000 against the loan. The organization has budgeted approximately $500,000 in capital expenditures to property and equipment including our churches.
Ms. Neofotistos then proceeded with a line by line review of the budgets for every department of the HCGM. Again all estimates are conservative in light of Covid restrictions. In terms of revenues, across the entire organization, as a general rule, no income has been budgeted for dances, events or festivals. As for expenses, the HCGM has tried to stay at par with expenses from the previous fiscal year taking into consideration the challenges and commercial realities of COVID 19
All in all, the HCGM presented a budget that will allow the organization to maintain operations during these tumultuous times. The HCGM is working on a plan to conduct a virtual General Assembly on a professional online platform designed for this purpose, but what we have found to date is cost-prohibitive. This being said, we continue to research this matter in hopes that we can find something that is reasonably priced and respects the membership parameters set out in our bylaws in terms of membership verification, sign-ins and the voting process itself.
Please click on the image below to view the HCGM 2020-2021 Consolidated Budget