VATICAN CITY
Bloomberg
by Lorenzo Totaro
July 16, 2015
The Holy See, the Vatican’s central administration, posted a deficit of 25.6 million euros ($27.9 million) last year as the cost of staff more than offset the increase in the value of assets.
Last year’s shortfall follows a 24.5 million-euro deficit in 2013, the Holy See said Thursday in a statement. It added that making comparisons with the previous year is “difficult” due to the inclusion of “a number of closing entries” as part of a transition to a new accounting standard.
“The budgets indicate the deficits experienced in recent years are likely to continue in 2015,” the statement also said, adding the Holy See’s budget includes costs for total staffing of 2,880 in 64 “entities.”
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