General Synod ended 2011 with a deficit of $65,000, due to a decline in expected revenue of $808,000, according to Treasurer Michele George.Reviewing General Synod’s financial results for 2011 at the May 24 to 27 meeting of the Council of General Synod (CoGS), George explained that the budget of $12 million had planned for a surplus of $18,000. Instead, a loss on investments, a decline in proportional giving from dioceses and lower than anticipated results from annual appeals led to a shortfall. General Synod was able to use 20 per cent of $2 million in undesignated legacies to help cover the shortfall, George told members. The 2011 results show that budgeting revenue remains a challenge for General Synod. If necessary, other sources of funding may need to be identified or work deferred said George, who resigned in July, citing health and family reasons. The resignation becomes effective Oct. 1.The annual appeals were “disappointing” and resulted in a shortfall of $752,000, according to the financial management committee report to CoGS. The shortfall was partially cushioned by a reserve of $200,000 as well as by undesignated legacies. Proportional giving fell short of budget by $273,000. The continued volatility of global investment markets resulted in a loss of more than $300,000 in investments. The 2011 budget had anticipated more than $150,000 in investment revenue but instead lost $164,000.Vianney (Sam) Carriere, director of Resources for Mission, said that the Anglican Journal Appeal and the Gifts for Mission catalogue met their targets in 2011. In addition, efforts are underway to strengthen all three fundraising campaigns through the integration of campaign staff and resources.