Update from the D&D Committee that was presented to the congregation on Sunday Oct 15, 2017
click on the above link and it will download the presentation that was held here at St. Stephen United Church October 15, 2017
1. Income and Expenses
2. St. Stephen Envelope Givings
3. St Stephen Expenses
4. How Are Expenses Allocated
5. What do we Currently Owe?
6. What Now?
7. We need make some decisions about the path forward
Let’s review where we’ve been….
After careful consideration and discussion, the congregation voted on May 28th to sell the property, and not build a new church on the existing property.
Developer and Hospice discussions began
Clear mandate to “stay together”
Groups formed to look at:
1) Relocation – leasing or sharing space options
2) Amalgamating or joining other churches including North Burlington Group
Summertime came! Progress slow
And where we are now….
The financial situation worsening quickly – limited time and options for funding continued operations
Timelines/conditions for accessing funds from sale:
1) Deposits ($200,000) are locked for one year after and 60 days from signing agreement of purchase & sale
2) Total conditional time is 2 years for developer to get all approvals. Balance to $1million at closing will be paid
3) Vendor take back mortgage for $2 million with 4.5% interest due and payable on sales of homes. ( 3 years)
4) Further proceeds/profits from sales will follow after (estimated $1.5m)
Some Options(All open to further discussion )
Implications of the Options
Reducing costs further will be challenging as staffing reduction will involve JNAC process
We will still have to carry minimal costs of the building for 12-18 months
North Burlington United Churches are willing to work with us:
Joining means two ministers could stay on for a transition time until JNAC process
Amalgamating means a new JNAC immediately
Borrowing more money may be difficult with current debt, and no access to building funds for at least 12 months
What are some next steps?
Everyone needs to have their say! Let your voice be heard!
E-mail Heather with questions, suggestions, comments
Put your comments/ suggestions in the box
All feedback will be put together and shared on
SUNDAY THE 29TH of OCTOBER
Think and pray about: What is important to us as a community? What do we value as a community? How do we go forward as a community?
Q & A
What questions or comments do you have now for the council?
Is there anything else you need to know, or see done in the next few weeks?