The Holy See’s and the Vatican City State’s Accounts Still in the Red

Source: FSSPX News

For the third consecutive year, the Holy See’s balance sheet for the year 2009 showed a deficit, nearly 4.1 million Euros. According to a communiqué released by the Vatican news agency on July 10th, with 250,182,364 Euros in receipts and 254,284,520 Euros in expenses, the consolidated balance sheet of the Holy See for the 2009 fiscal year shows a loss of exactly 4,102,156 Euros. The loss exceeds that incurred in 2008, which came to 911,514 Euros. The Holy See has been experiencing a series of deficits since 2007 after three consecutive years of positive balances in 2004, 2005, and 2006.

The Vatican City State also was affected by the economic crisis for the second year in a row. “Like other States,” the note of the Council of Cardinals said, “this year the Vatican also suffered from the effects of the global economic crisis,” with a loss of 7,815,183 Euros. However, the Council noted a “positive fluctuation in comparison with the preceding year’s by nearly 7.5 million Euros.” In 2008, the loss reached 15.3 million Euros. A reduction in general expenses allowed them to recover from losses in the financial sector in 2008.

In 2009, the Vatican City State had 1,891 employees: 65 religious (38 men and 27 women) and 1,826 lay (1,543 men and 283 women). At the end of December 2009, the Holy See had 2,762 employees: 766 clerics, 344 religious (261 men and 83 women), and 1,652 lay (1,201 men and 451 women), who work for the Roman Curia.

A major source of the Holy See’s income, among others, is St. Peter’s Pence, the fundraiser organized every year around the feast day of Saints Peter and Paul, June 29. In 2009, the collection totaled US$82,529,417, about $7 million more than in 2008. The largest part of the funds collected came from the United States, Italy, and France. The Council of Cardinals also mentioned “the significant contribution” of Korea and Japan given the small number of Catholics there. Lastly, the annual contribution from the dioceses of the whole world to the Holy See’s expenses came to 31.5 million Euros.(Sources: Apic / I.Media – DICI No. 219, 24 July 2010)