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Note on Vatican's 2006 Financial Statement

VATICAN CITY, JULY 7, 2007 (Zenit) - Here is the statement released today by Cardinal Sergio Sebastiani, president of the Vatican's Prefecture for the Economic Affairs of the Holy See, on the Holy See's consolidated financial statement for the fiscal year 2006.

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On Monday, July 2, 2007 the 41st meeting of the Council of Cardinals for the Study of the Organizational and Economic Problems of the Holy See took place in the Vatican City State. His Eminence Cardinal Tarcisio Bertone chaired it.

The Cardinals examined the 2006 Consolidated Financial Statement of the Holy See and that of the S.C.V. Governorate, both closed with a profit.

As usual, I have the honor of presenting the Consolidated Financial Statement of the Holy See for the fiscal year 2006 with my staff. As a consolidated financial statement, it contains the income and the expenses of the various pontifical administrations that are within the area of consolidation. It includes the 2 Sections of the Secretariat of State, 9 Congregations, 3 Tribunals, 11 Pontifical Councils, the Apostolic Camera, the Prefecture of the Papal Household, the Office for liturgical celebrations of the Supreme Pontiff, the Press Room of the Holy See, the Central Office of Statistics of the Church, 5 Pontifical Commissions and 2 Pontifical Committees, 3 Pontifical Academies and the Institutions connected with the Holy See: the Vatican Secret Archives, the Vatican Library, the Apostolic Almonery, the Synod of Bishops, the Vatican Publishing House, the Vatican Printing Press - L'Osservatore Romano, Vatican Radio, the Vatican Television Center. Moreover, 118 Pontifical Embassies and 9 delegations at International Organizations must be added.The good news for the current operating statement is that, after three consecutive years, it has closed with a surplus of 2.4 million euro, which represents the less significant value, after the results registered both in 2005 (equal to 9.7 million euro) and in 2004 (equal to 3.1 million euro).

I turn now to the analysis of the principal entries of the operating statement, which as usual are expressed in the following four categories:

1) Institutional Activity. This sector encompasses all the Dicasteries of the Roman Curia: the Secretariat of State, the Papal Embassies, the Roman Congregations, the Pontifical Councils, the Synod of Bishops and other Offices. As these assist the Holy Father more closely in his mission as Universal Pastor at the service of the Local Churches and also for the benefit of humanity as promoter of peace in today's world, they do not produce income. This is the significance of the Canon 1271 C.J.C. prescriptions, which invite the Bishops to come freely to the aid of the necessities of the Holy See by supporting its activity, in the same way that Canon 1263 C.J.C. prescribes that the parishes support the activity of the diocesan curia. In 2006 the volume of donations that came from Episcopal Conferences, dioceses, religious Institutes, faithful and various Entities increased from 73.9 million euro in 2005 to 86 million euro in 2006. Within this sector, the most positive results were both in the income from Canon 1271 c.j.c. which rose from 21.5 million euro to more than 24 million euro in one year, for an increase of about 12%, and above all in the volume of contributions from institutions, foundations and other entities which shows significant revenues, equal to 61.2 million euro (against 51.7 million euro in 2005).

As for costs of the entire sector, which are directly connected with the activity of the Roman Curia to assist S. Peter's Successor in his ministry, we can note a rise slightly higher than 5 million euro: from 121.3 million in 2005 to 126.2 million. This variation was due above all to the cost incurred for personnel for the adjustment both of remunerations to the inflation rate and of the compulsory contributions to the pension funds. Also general and administrative costs increased from 13.4 million in 2005 to 15.3 million in 2006, as did those for Papal Embassies and for the maintenance of the Apostolic Nunciatures (from 19.6 million to 20.6 million euro).

Costs for "maintenance and repairs" decreased slightly from 10.4 million euro in 2005 to 9.8 million euro. Also in 2006 the works to consolidate the foundations, the floors and the vertical walls of the building in Piazza di Spagna (seat of the Congregation for the Evangelization of Peoples) continued. Moreover, other expenses for extraordinary maintenance related to the buildings of Sant'Uffizio (for systems replacement), Propilei (for lifts replacement and fronts finishing) and Palazzo Convertendi must be considered.

Therefore, this important sector of the Institutional Activity closed with a deficit of 31 million euro, a decrease compared to the 2005 institutional deficit which stood at 36.9 million euro.

2) Financial Activity. In ...

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