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VATICAN-DEFICIT (UPDATED) Jul-8-2004 (850 words) xxxi
Vatican posts deficits of more than $22 million for 2003
By Cindy Wooden
Catholic News Service
VATICAN CITY (CNS) -- With the weak U.S. dollar and sluggish stock growth, the Vatican ended 2003 with another budget deficit, showing at July exchange rates a shortfall of about $11.7 million in the coffers of the Holy See and a shortfall of about $10.8 million on the books of Vatican City State.
With many U.S. dioceses in financial straits because of payments in sex abuse cases, the Vatican had expected a drop in donations from U.S. dioceses and individual Catholics, "but it did not happen," said Cardinal Sergio Sebastiani, president of the Prefecture for the Economic Affairs of the Holy See.
"There was no decrease. The United States is still in first place for offerings given," the cardinal said at a July 8 press conference.
Although the offerings increased, he said, they could not keep pace with the drop in the value of the U.S. dollar in relation to the euro, the currency used for the budget and for the vast majority of expenditures.
The value of donations fell from the equivalent of 85.4 million euros in 2002 to 79.6 million euros in 2003, the cardinal said.
"The budget is in euros, but a large percentage of our income is in dollars," Cardinal Sebastiani said. "When the dollar was higher our balance closed positively."
The budget picture, he said, was particularly grim because the final figures for the year were compiled based on the dollar-euro exchange rate of Dec. 31, 2003, which was one of the worst days ever for the dollar.
On the other hand, the Vatican decreased its expenditures in 2003 by 6.6 million euros (more than US$8 million at July exchange rates), restricting hiring and authorizing only the most urgent reconstruction projects, Cardinal Sebastiani said.
When many of the leading dioceses in the world have imposed strict budget constraints on their own organizations, he said, the Vatican could not act differently.
"There are many fables about the Vatican's riches," the cardinal said. "If we had all that money, we would not go around with our hands out asking the dioceses for help."
The Vatican's art treasures are priceless, but have no commercial value since they cannot be sold, he said.
The cardinal spoke the day after the budget figures were released following a July 6 meeting of the Council of Cardinals for the Study of the Organizational and Economic Problems of the Holy See.
The Holy See budget includes Vatican congregations and councils, as well as the Vatican's 118 embassies and diplomatic offices around the world. The Vatican City State budget includes the care and upkeep of Vatican buildings as well as the Vatican's stamp and coin offices and the Vatican Museums.
The July 7 press release said the Holy See's expenses for 2003 -- the third consecutive year with a budget shortfall -- were mainly for salaries and normal operations of the curial offices, their 2,674 employees and the diplomatic missions.
The Holy See's total income -- mainly from investments, rent paid on Vatican-owned property and donations from dioceses and individuals -- was just over 203.6 million euros (US$252.4 million at July exchange rates); expenses amounted to just over 213.2 million euros (US$264.2 million at July exchange rates).
The deficit was almost 30 percent less than the shortfall reported for 2002, the Vatican said.
While Cardinal Sebastiani is responsible only for the Holy See's budget, the July 7 statement also gave the bottom line on the Vatican City State budget.
The Vatican City State budget was negative in part because of "extraordinary expenses" for new works and reconstruction, but also because some 10.4 million euros (US$12.8 million at July exchange rates) was taken from earnings in order to cover half of the deficit of Vatican Radio, which broadcasts in dozens of languages but does not accept advertising.
The Vatican statement said the cardinals on the economic council discussed the Vatican's use of the media, and particularly Vatican Radio.
The Catholic Church, it said, is aware that the radio and other media "require vast financial resources and continual technological innovation, but they are an important and advantageous information service about the activity and teaching of the Holy Father and of the universal church, as well as providing pastoral formation especially in countries with limited possibilities for evangelization."
The council of cardinals also was told that over the course of 2003 donations to Peter's Pence -- a fund used by the pope for charitable giving but used in the past to offset the deficit -- amounted to more than $55.8 million, an increase of almost 6 percent over 2002. (Since more donations come in dollars than in any other currency, the Peter's Pence figure is reported in dollars.)
Those participating in the July 6 meeting included: Cardinals Bernard F. Law, archpriest of Rome's Basilica of St. Mary Major and former archbishop of Boston; Roger M. Mahony of Los Angeles; Jean-Claude Turcotte of Montreal and Edward M. Egan of New York.
U.S. Cardinal Edmund C. Szoka, president of the commission governing Vatican City State and former Vatican budget director, also participated.
END
Copyright (c) 2004 Catholic News Service/U.S. Conference of Catholic Bishops. The CNS news report may not be published, broadcast, rewritten or otherwise distributed, including but not limited to such means as framing or any other digital copying or distribution method, in whole or in part without the prior written authority of Catholic News Service.
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