Treasurer Jim Cullen said numbers mean "we can continue in business."
Council of General Synod approved financial results for the year 2002 that included a deficit of $165,540 or $756,160 less than forecast.
The church wrapped up 2002 in much better financial shape than originally forecast, thanks to the residential schools settlement, said treasurer Jim Cullen.
“It means we can continue in business,” Mr. Cullen said in an interview after the statements were approved. “Whatever else comes our way is manageable,” he said.
CoGS approved the statements with little comment, unlike previous years where anxiety over a failure to come to an agreement with the federal government over residential schools was a constant theme during council meetings.
Yearend revenues were $14.9 million, compared with $16 million for 2001. Expenses were $14.8 million compared to $15.7 million a year earlier.
The Anglican Church of Canada has committed to contribute to a fund that caps its liability concerning native residential schools at $25 million. All 30 Canadian Anglican dioceses approved the accord, and will contribute a total of $22 million; General Synod’s portion is $3 million.
Mr. Cullen pointed out that the commitment was “not easy for the dioceses. Some were committed to paying up front, especially the smaller ones.” He said the dioceses of Moosonee, Athabasca, Yukon and Quebec had already paid in full, and Edmonton had already paid $425,000 of its $500,000 commitment.