Within this Episcopal News Service piece we learn that the Episcopal Church will have a $2.5 million deficit in 2009.

“Projections for the 2009 budget anticipate $54.6 million in revenues compared to $57.1 million in expenses. Treasurer Kurt Barnes said that, given the triennial nature of the budget and the previous surpluses, the 2009 budget could suffer a deficit of $2.8 million and still be balanced,” says ENS.

There were surpluses of $1.2 million in 2007 and $2 million in 2008, Barnes said

The value of the church’s endowment funds have plummeted 30 percent this year with the stock market freefall. That basically bites $522,000 out of the 2009 budget, Barnes said.

Also of note: The church budgeted $450,000 for legal expenses in 2008; they spent nearly $2 million. Barnes said he can’t estimate 2009 legal expenses yet.

(Photo by Nicholson cartoons.)