Pope Benedict XVI Blog

Vatican keeps house in order; reports budget surplus in 2006

Vatican Reports Budget Surplus of $3.2M
AP via Yahoo! Finance
Tuesday July 3, 1:19 pm ET

Vatican Reports Budget Surplus of $3.2 Million in 2006

VATICAN CITY (AP) -- The Vatican reported on Tuesday a narrow budget surplus of euro2.4 million (US$3.2 million) in 2006, down more than euro7 million from its strong financial showing the previous year.

In its annual financial report, the Vatican said it recorded revenues of euro227.8 million (US$310 million) against expenses of euro225.4 million (US$306 million) in 2006.

It gave no details or explanation of the figures, pending a news conference by financial officials Friday.

In recent years, Vatican accounts have been battered by labor costs and the costs of the Vatican's expanding worldwide diplomatic missions. Of the 2,704 people working in various offices of the Holy See, the Vatican said 1,600 are lay employees.

Many of the expenses are covered by payments from dioceses around the world.

The statement also said contributions to Peter's Pence -- individual donations to the pope, which are listed in dollars -- rose to US$101 million (euro74.3 million), up from US$73 million in 2005.

It also reported a positive result for the Vatican city-state, listing a surplus of euro21 million (US$29 million). Some 4.2 million people visited the Vatican museums last year, a major source of the revenue.

Church officials who examined the financial report Monday also discussed the need for new technology investments in its information division, which includes a daily newspaper, radio station and TV service, the statement said.

Tiny Vatican posts tidy budget surplus

News.com.au
From correspondents in Vatican City
July 04, 2007

THE world's smallest country knows how to keep its books in order.

The Vatican City posted a budget surplus of €2.4 million ($3.8 million) in 2006, it said today.

With 2704 religious and secular staff to pay, as well as the costs of diplomatic representations around the world, a TV and radio station, a daily newspaper and an Internet site, the headquarters of the Catholic Church has annual outgoings of almost €228 million ($363 million).

While it stayed in the black in 2006, the Vatican's surplus fell from the €9.7 million ($15.4 million) it reported for 2005.

Income for the Holy See - a separate country in the heart of Rome - comes from contributions from the faithful, stocks, bonds, other investments and real estate holdings.

The Vatican said Peter's Pence, the yearly collection taken in churches worldwide to help finance the Pope's international charitable works, totalled nearly $102 million in 2006, up from $60 million in 2005.

posted by Dr. Denice Hanley, DPM, M.Div. @ 2:51 PM