Vatican seeking new donations – 40 Million Euros per year not enough

AP News:

In 2020, he estimated the Vatican took 40 million euros in Peter’s Pence reserves and that a similar amount was expected in 2021.

The Vatican warned Friday that it has nearly depleted its financial reserves from past donations to cover budget deficits over recent years, as it urged continued giving from the faithful to keep the Holy See afloat and Pope Francis’ ministry going.

The Vatican published its 2021 budget in its latest effort at greater financial transparency amid a predicted 50 million euro budget deficit this year. The aim is to reassure donors that their money is being well spent, following years of mismanagement that is currently the focus of a Vatican corruption investigation.

Francis’ economy minister, the Rev. Juan Antonio Guerrero Alves, said the coronavirus pandemic, which reduced donations as well as revenue from the shuttered Vatican Museums, would contribute to a projected 30% reduction in revenue to 213 million euros in 2021, from 307 million euros in 2019, the last year available.

He noted the Vatican had achieved significant cost-cutting during the lockdown last year, with drastically reduced travel, consultation fees, conference and assembly costs and putting off unnecessary real estate repairs and maintenance. In an interview with Vatican Media, Guerrero said he expected to further cut expenditures by 8% in 2021, without resorting to layoffs, which Francis opposes.

But even then, the 50 million euro deficit expected for 2021 will require once again dipping into reserves of past donations to cover expenses. Guerrero confirmed that in 2019, the Vatican used 27.2 million euros in Peter’s Pence reserves to cover its operating costs, on top of the 53.8 million euros in revenue to the Peter’s Pence fund that year.

In 2020, he estimated the Vatican took 40 million euros in Peter’s Pence reserves and that a similar amount was expected in 2021.

Peter’s Pence funds, usually offered during an annual collection at Mass, are billed as a concrete way to help the pope in his ministry and works of charity but are also used to run the Holy See bureaucracy.

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