The meeting commenced at 7:05PM.

Attendees:

Guests - St Mary's Parish Finance council representatives:

Fr. Reilly started with a prayer.

Fr. Reilly introduced members of the Finance Council.

The Finance Council had a discussion that focused on the financial situation in the Parish as related to the School. A proposal was made to increase the tuition for the School Year 2004 - 2005 from $2,420 to $3,500. Financial aid would be available. Those requesting such would need to file an Application with the Diocese.

The Parish is running a debt due in large part to the expenses associated with the School and the School building. Although it is not completely determinable, the amount ranges between $150,000 and $200,000. To make the school viable, tuition must increase as well as fundraising and cost containment.

A meeting will be held on Wednesday, 11/19/03, to inform parents of students of the financial situation and the fact that the Parish and the School are in a crisis mode.

After much discussion, the decision to set the tuition for the next school year, 2004 - 2005, was made. This will be $3,000. The tuition will also increase the following year by an estimated $500. As cost rise, so too may this figure.

The next meeting will be on a Wednesday - December 17, at 7 PM - since there are conflicts in the school and with Fr. Reilly's schedule.

Fr. Reilly ended the meeting with a prayer.

The meeting adjourned at 9:55PM.

Respectfully submitted,

Kevin J. Hassett