Thank You to Debbie Smith
On behalf of our parish community, I would like to express my appreciation to the outgoing President of our Parish Finance Council, Debbie Smith, for her excellent leadership through the past years. Debbie led our Council through one of the most critical periods in the parish, handling the capital campaign for our Church construction and through the COVID-19 period. Debbie, and her husband Brian, will be moving to Florida by the end of the year. I invite you to come and join us at our Thank You reception for Debbie after the 9am Mass this weekend. We will miss Debbie and Brian in our community but I am glad to know they have already plugged into being part of another parish over there and will be visiting us from time to time.
Building Update
I am so happy to see our Church building taking shape each day as we now get closer to the completion of the construction. I would like to give you a quick update in the following areas:
1. Timeline. I know we all wish we could move into the Church before Christmas but unfortunately this is not possible as a number of finishing touches still need to be done. We are now looking at the possibility of dedicating the Church on January 20th, 2024 at 5pm. The Bishop has marked this date on his calendar and is looking forward to coming and celebrating the opening of our Church with us. However, this date could change if we do not receive the necessary permission and Certificate of Occupancy from the City of Phoenix before then. We will let you know if there is any change to the date.
2. Finance: Our parish Finance Council met on Wednesday this week to review the current financial standing regarding our Church construction. The new report shows an overall increase in total cost of the construction and furnishings. Here is the new report as of December 13, 2023:
Total cost to date: $9,142,918.00
Expenses paid to date: -$7,324,794.00
Balance owed: $1,818,125.25
Cash on hand: $1,502,984.00*
Shortage: $315,141.00
These new figures will be shared in our bulletin next weekend (Dec 24/25). The cash on hand is what we still have available to use from our $4.5 million dollar outstanding loan. This weekend report will still show the old figures with a total cost of $8,939,249 and a funding gap of $135,971. The new increase in total cost and funding gap is due to change orders related to the construction, permits, increase in labor and cost of materials, liturgical items and furnishings not previously included in the contract amount. The liturgical and furnishing items were not included in the contract because although they are highly needed, they are not required for the opening of the Church.
The list and photos of the items needed are posted on our parish website
https://www.stbenedict.org/stained-glass-ffe I thank our parishioners who have already sponsored some items in the Church. I appeal to everyone to prayerfully consider directing your End of the Year Giving to our parish by sponsoring an item or participating in the “Giving Tree.” This will help us close the funding gap.
3. Mortgage Payment: The term of the construction loan was to pay interest only for two years or until we received the certificate of occupancy. Then it converts to a term loan for seven years at a fixed rate of 3.65%. The two year term ended on November 1,2023, therefore our first P&I payment is due on December 15, 2023 in the amount of $16,011.09. We will review the loan terms when we receive the Certificate of Occupancy to see if we need to refinance the loan or keep it as it is.
Advent Penance Service
I invite you, your family and friends to join us for our parish Advent Penance Service at 7pm this Tuesday, December 19, in the St. John Bosco School Multi-purpose Room (MPR). We expect about 10 priests from our neighboring parishes to attend. We will start with a communal Penitential Rite which will then be followed by individual Confessions. Come, let us ask the Lord to purify and renew us so we can enter into the Christmas and the New Year in a state of Grace.