As many of you know, after our 2003 renovations and remodeling we had $750,000 in debt and were paying $75,000 in interest and mortgage cost in our yearly Operating Budget. This latest Capital Campaign will run to June 15, 2018. Our best estimate based on the 2017 Capital Campaign is that as of June 15, 2018 we will have about $60,000 left to pay on our debt and this will require about $6,000 in our 2018 Operating Budget to cover the mortgage and interest costs.
The 2017 Capital Campaign should be the last Capital Campaign that Good Shepherd engages in for several years. As I mentioned in my last newsletter, the Vestry is considering having some money in the Operating Budget for 2018 ($10,000 -$15,000) on a yearly basis going forward to fund Capital Projects from the Operating Budget. With a facility that is approaching 40 years old we know that Capital Projects will occur each year.
Obviously, we would like to pay off our remaining debt as soon as possible. There may be some Parishioners that would like to contribute to the Capital Campaign before year end and we have pledge cards in the hallway on the newcomers table for those individuals or families that would like to contribute before year end. We ask that you designate any such contributions as payments for the Capital Program to pay off the debt, so that the money is allocated properly.