The total income of the Holy See reached 260.4 million euros against 310.1 million euros of expenditure, with an expected deficit of 49.7 million euros in 2021. Most expenditure (68%) go to apostolic activities; 17 percent will pay for wealth management and other assets, and 15 percent for administration and service activities.
Vatican City (AsiaNews) – The Holy See expects a budget deficit of nearly 50 million euros in 2021. In making the announcement, the Secretariat for the Economy noted that Pope Francis had approved the budget yesterday evening.
“With total revenues of € 260.4 million and expenditure of € 310.1 million, the Holy See expects a deficit of € 49.7 million in 2021, strongly impacted by the economic crisis generated by the pandemic of COVID-19.
“For the first time, with the aim of offering more visibility and transparency to the economic transactions of the Holy See – as repeatedly requested by the Holy Father, the 2021 budget consolidates the Saint-Pierre Fund (Obolo) and all Dedicated Funds. With revenues of 47.3 million euros and grants of 17 million euros, the Holy See expects a net balance of 30.3 million euros from these items.
“Excluding Peter’s Pence and dedicated funds, the Holy See’s deficit would be € 80m in 2021. Operating income decreased by 21% (€ 48m) compared to 2019, driven by a reduction in activities commercial, service and real estate, as well as Donations and Contributions.
“The budget also reflects a significant effort to control costs, with operating expenses – excluding staff costs, down 14% (€ 24 million) compared to 2019. Job security remains a priority for the Holy Father in these difficult times.
“In accordance with its mission, the majority of the resources of the Holy See in 2021 will be devoted to supporting its apostolic activities, with 68% of total expenditure, while 17% are allocated to the management of heritage and other goods, and 15% administration and service activities.
“If the level of donations remains as planned, the deficit will be made up with part of the reserves of the Holy See. “