It has been some time since I have been able to give you an update on the proposed building projects at Emmaus and Queen of Angels Chapel. The central reason has been that we have had to wait for necessary reports from our engineers and architects. This has been of concern since we are living in an environment of increasing construction costs in Austin. When we began the planning and design process with the architect and the contractor our stated price limit was $4 million for both projects. We have emphasized simplicity, functionality and maintenance efficiency in both structures. There will be nothing fancy about either building because our goal has been to stay at that $4 million limit. The initial input from the architect and contractor was that this was quite doable. At our last building committee meeting earlier this month the contractor presented us with a new set of projected prices that are significantly higher than those we were given initially. Some items were as much as 100% higher.
It is important to me as your pastor and to the building committee that you be aware we are now facing a significant challenge. Fortunately, our building committee is comprised of builders, architects and experts in various aspects of construction. I am confident in their ability to work with the architect and contractor in facing that challenge. We will be meeting with both of them later this month. I hope to be able to give you more information after that. With what we currently have in the bank, along with the funds that we will receive from the diocesan Encountering Christ capital campaign, our finance council advises we can handle the proposed budget of $4 million. With the excellent guidance of your finance council, I plan to maintain the good financial position of our parish.
I ask for your prayers as we continue to move forward with our construction planning. I also ask for your support and patience as we work to meet the new challenges that face us.