Archdiocese plugs budget hole as revenue gains, land sales add to coffers and stave off default

Times Picayune

Jan. 1, 2020

By Jerry DiColo

The Archdiocese of New Orleans has plugged a multimillion-dollar hole in its budget through land sales, a jump in fee revenue for church services and higher payments from parishes, even as sexual abuse claims and other costs continue to weigh on its financial outlook.

The local Catholic church, which had an operating deficit of more than $14 million for 2018, shrank the deficit to under $1 million in its 2019 fiscal year, which ended in June, according to financial documents filed last week. It was the smallest operating deficit since 2011.

Investment income from its endowment fund provided a boost that helped the archdiocese finish the year with $78.8 million in net assets, up $3.4 million from 2018.

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