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Vatican Budget

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NEWS
February 11, 1987
The Vatican budget director ordered senior Roman Catholic Church officials to hold spending at 1986 levels due to a record budget deficit of nearly $60 million during the last fiscal year, officials said. Brazilian Cardinal Angelo Rossi, president of the Vatican's Administration for the Patrimony of the Holy See, ordered the freeze in a Jan. 24 letter to heads of departments of the Holy See, the officials said.
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NEWS
March 10, 1989 | WILLIAM D. MONTALBANO, Times Staff Writer
The financially strapped Vatican announced a record budget deficit here Thursday and an economic reform that will cost the job of a controversial American archbishop who has been known for two decades as "the Pope's banker." Reporting a projected 1989 budget deficit of $78.2 million, a commission of cardinals appealed for "every effort to reduce costs." The 15 cardinals, who include John Krol of Philadelphia and John J.
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NEWS
March 27, 1987 | DON A. SCHANCHE, Times Staff Writer
A special commission of 10 Roman Catholic cardinals responsible for overseeing Vatican finances predicted Thursday that the financially strapped city-state will suffer a record budget deficit of $63 million for the current year and appealed to church leaders throughout the world to help resolve the crisis. The projected shortfall exceeds last year's deficit, which the special Council of Cardinals had previously estimated at $56 million.
CALIFORNIA | LOCAL
March 12, 1988 | WILLIAM D. MONTALBANO, Times Staff Writer
Spending twice its income, the complex, 2,357-member Vatican bureaucracy called the Holy See will again have losses of more than $1 million a week this year. This is the estimate of an international panel of cardinals seeking long-term solutions to what has become a chronic financial crisis. A projected deficit for 1988 of $61.8 million will be offset, as past deficits have been offset, by contributions intended in part for the poor from Roman Catholics around the world.
NEWS
November 24, 1985 | DON A. SCHANCHE, Times Staff Writer
On the eve of a major gathering of the world's Roman Catholic bishops, the College of Cardinals ended a three-day meeting here Saturday by projecting a record $50-million Vatican budget deficit this year, close to double the $29.5-million deficit of 1984.
NEWS
March 10, 1989 | WILLIAM D. MONTALBANO, Times Staff Writer
The financially strapped Vatican announced a record budget deficit here Thursday and an economic reform that will cost the job of a controversial American archbishop who has been known for two decades as "the Pope's banker." Reporting a projected 1989 budget deficit of $78.2 million, a commission of cardinals appealed for "every effort to reduce costs." The 15 cardinals, who include John Krol of Philadelphia and John J.
CALIFORNIA | LOCAL
March 12, 1988 | WILLIAM D. MONTALBANO, Times Staff Writer
Spending twice its income, the complex, 2,357-member Vatican bureaucracy called the Holy See will again have losses of more than $1 million a week this year. This is the estimate of an international panel of cardinals seeking long-term solutions to what has become a chronic financial crisis. A projected deficit for 1988 of $61.8 million will be offset, as past deficits have been offset, by contributions intended in part for the poor from Roman Catholics around the world.
CALIFORNIA | LOCAL
July 10, 1999 | Religion News Service
The Vatican reported Thursday that its finances were in the black in 1998 but said the budget surplus was well below that of 1997. It warned that preparations for Holy Year 2000 require heavy spending this year. Archbishop Sergio Sebastiani, president of the Prefecture for the Economic Affairs of the Holy See, told a Vatican news conference that Vatican income was $204.8 million and spending $203.3 million, leaving a net surplus of $1.5 million.
WORLD
April 18, 2013 | By Emily Alpert
The Roman Catholic Church is tightening its belt. Vatican employees will not get bonuses that are traditionally handed out upon the election of a new pope, a spokesman told reporters Thursday. The last time a pope was replaced, Vatican employees were reportedly granted 1,500 euros each (close to $2,000 at the current rate of exchange), including payments upon the death of one pope and at the selection of a new one. This time, “it didn't seem possible or appropriate to burden the Vatican's budget with a considerable, unforeseen extra expense,” Vatican spokesman Father Federico Lombardi told the Associated Press.
NEWS
October 24, 1986 | DON A. SCHANCHE, Times Staff Writer
Dismissing public notions of "presumed Vatican riches," the council of cardinals on Roman Catholic Church finances Thursday forecast a record Vatican budget deficit of $56 million for 1986, after a $39-million deficit for the previous year. The cardinals said the deficits could not be shaved by belt-tightening economies because the Holy See and Vatican City are already operating on austerity budgets. They called for greater contributions from faithful Catholics to bridge the gap.
NEWS
March 27, 1987 | DON A. SCHANCHE, Times Staff Writer
A special commission of 10 Roman Catholic cardinals responsible for overseeing Vatican finances predicted Thursday that the financially strapped city-state will suffer a record budget deficit of $63 million for the current year and appealed to church leaders throughout the world to help resolve the crisis. The projected shortfall exceeds last year's deficit, which the special Council of Cardinals had previously estimated at $56 million.
NEWS
February 11, 1987
The Vatican budget director ordered senior Roman Catholic Church officials to hold spending at 1986 levels due to a record budget deficit of nearly $60 million during the last fiscal year, officials said. Brazilian Cardinal Angelo Rossi, president of the Vatican's Administration for the Patrimony of the Holy See, ordered the freeze in a Jan. 24 letter to heads of departments of the Holy See, the officials said.
NEWS
November 24, 1985 | DON A. SCHANCHE, Times Staff Writer
On the eve of a major gathering of the world's Roman Catholic bishops, the College of Cardinals ended a three-day meeting here Saturday by projecting a record $50-million Vatican budget deficit this year, close to double the $29.5-million deficit of 1984.
NEWS
November 19, 1987 | JOHN DART, Times Religion Writer
An American cardinal said Wednesday that the Vatican, suffering from growing annual budget deficits, is opening its books to outside auditors and will soon make its financial statements available publicly for the first time. "The key word in all this is credibility," Philadelphia's Cardinal John Krol told reporters after addressing the annual meeting here of the nation's Roman Catholic bishops.
BUSINESS
June 21, 1989 | From Reuters
In a major shake-up prompted by the scandal that depleted its coffers, the Vatican on Tuesday announced appointments to an international board of lay directors that will run the Vatican bank. Vatican spokesman Joaquin Navarro-Valls said the board, or Supervisory Council, would meet for the first time on July 18, when U.S. Archbishop Paul Marcinkus was expected to formally end his involvement with the bank after 18 years as president. Marcinkus was caught up in the damaging 1982 scandal in which the bank, known officially as the Institute for Religious Work, was linked to the alleged fraudulent collapse of Italy's private Banco Ambrosiano.
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