HOLY SEE HAD NET SURPLUS OF $5 MILLION FOR 1999

VATICAN CITY, JUN 23, 2000 (VIS) - Archbishop Sergio Sebastiani, president of the Prefecture of the Economic Affairs of the Holy See, announced this morning at a conference in which he presented the Consolidated Financial Statement of the Holy See, that there was a net surplus of $5,046,000 for the fiscal year 1999. The exchange rate used was 1,927 lire to $1. The 1998 surplus was $1.5 million.

Joining him in the Holy See Press Office for the biannual conference on Holy See finances were Bishop Franco Croci and Ivan Ruggiero, respectively secretary and general accountant of the prefecture. The 1999 statements were published in both Italian and English.
The archbishop explained that a Consolidated Financial Statement "means that there are grouped together in one statement the costs and revenues of the seven administrations of the Holy See: APSA (Administration of the Patrimony of the Apostolic See), the Congregation for the Evangelization of Peoples, the Apostolic Chamber, Vatican Radio, the Vatican Printing Press/L'Osservatore Romano, the Vatican Publishing House and the Vatican Television Center."

"It is interesting to note," he said, "that, in comparison with the previous fiscal year, the expenses grew by .... 3.7 percent, and that the growth of revenue was .... 5.8 percent."

He highlighted that Canon 1271 of the Code of Canon Law, which asks dioceses to make financial contributions to the Apostolic See, was enforced after an April 1991 meeting of all the presidents of the episcopal conferences in the world. The income deriving from this provision has increased from 10.398 billion lire ($6.3 million) in 1992 to 41.244 billion lire in 1999.

Archbishop Sebastiani then explained that the Operating Financial Statement of the Holy See is divided into four sectors: Institutional Activities (all Roman Curia offices: (a loss of 44,962 million lire in 1999); Financial Activities (a gain of 86,913 million lire); Real Estate Activities (a gain of 18,741 million lire) and Activities of the Four Institutions Connected with the Holy See (a loss of 39,276 million lire).

The archbishop pointed out that the newspaper, L'Osservatore Romano, has a deficit but has increased its presence in Europe and the Mediterranean and now distributes approximately 4 million copies. He added that Vatican Radio has a deficit, but now transmits in 47 languages, has increased its broadcast hours, and has approximately 400 people working for it, representing 63 countries.

The Consolidated Financial Statement," he concluded, "will now be translated into English, French, German and Spanish and a copy will be sent to all the bishops in the world and to the major superiors of Religious Institutes."

According to a communique released this morning along with the financial statement, the Council of Cardinals for the Study of Organizational and Economic Questions of the Holy See met on June 21 in the Vatican under the presidency of Cardinal Secretary of State Angelo Sodano. Also present at the meeting were 11 other cardinals as well as Archbishop Sergio Sebastiani.

The communique announced that Vatican City State, a budget separate from the Holy See, had a surplus of 5.4 billion lire ($2.6 million). It pointed out that expenses incurred in 1999 included building the new entrance to the Vatican Museums, the underground parking lot and work on preserving or restructuring several buildings.

Finally, it was announced that the 1999 Peter's Pence - the offerings of the faithful for the Pontiff's charitable works and for the support of needy churches - amounted to $55,313,587.

...;1999 FINANCES;...;SEBASTIANI;VIS;20000623;Word: 540;