Report Number: 007

REPORT OF THE FINANCIAL MANAGEMENT AND DEVELOPMENT COMMITTEE

This report covers the period from the 2001 General Synod to April 2004.

1. FUNCTION AND ORGANIZATION

The functions and responsibilities of the Financial Management and Development Committee are set out in Canon VI and the strategic plan. These include:

During the period under review, the work of the committee has been carried out both by the committee and a number of sub-committees and task force groups appointed by it. These include:

In addition the FMD Committee has representation on the Audit Committee of General Synod.

2. THE WORK OF THE COMMITTEE

During the period the FMD Committee met six times. All meetings were held in Toronto. Sub-committees met regularly as required.

At each meeting the committee has a full agenda receiving current financial information and receiving reports from various sub-committees as well as The Anglican Book Centre and The Council of the North.

From a financial management perspective, this triennium has been extremely challenging. At the start of the period, the Committee had to address the possibility of General Synod seeking bankruptcy protection and the implications of such an action. From that time to the reaching of an agreement with the government on residential school liability the Committee was actively involved, advising the Officers and others on the financial implications of the various options being considered.

The FMD Committee also recognized that regardless of the outcome of the financial negotiations, the Church overall would need to develop long term plans to finance the continuing work of the Church at all levels. To facilitate this, the Committee initiated a series of national consultations to discuss the future needs and financing of the Church. Three meetings were held in various parts of the country and attracted a broad range of participants. Based on the deliberations and findings of these conferences, FMDC developed an initial financial proposal for discussion across the Church. From these further discussions and building on the national consultations, the financial plan “Letting down the Nets” included in the Strategic Framework being submitted to General Synod was developed.

Other initiatives and actions undertaken by the Committee include;

As required by Canon VI, the audited Consolidated Financial Statements of The General Synod of the Anglican Church of Canada for the fiscal years 2001 and 2002 have been received and approved by the Council of General Synod. The audited statements for 2003 will be submitted to General Synod for approval.

Robert Dickson, Chair
James Cullen, C.A., Treasurer