The careful stewardship of the Vatican’s finances, which have undergone drastic spending reviews over the years, but most importantly the influx of large donations ahead of the jubilee year, has yielded tangible results. The Economic Secretariat has published the Holy See’s consolidated budget for 2024, highlighting a surplus of 1.6 million euros. “This result represents a significant recovery compared to the deficit of 51.2 million euros recorded in the previous year,” said Head of the Economic Secretariat, Caballero Leto. In detail, the report highlights clear improvements and, while there is a sober realization that financial sustainability is fully a goal to be achieved in the long term, a clear positive direction can be observed. The overall plan overhaul is based on significantly reducing the deficit, which fell by almost 50%, from 83 million to 44 million euros.
Holy See Budget
This was made possible by increased revenues of €79 million (mainly from donations and hospital management), advances in real estate and commercial management, and expenditure control efforts that partially offset inflation and rising personnel costs.
Excluding hospital institutions, the Holy See closed with a surplus of 18.7 million euros.
The Economic Secretariat underlined «the need for caution in interpreting these data, as the increase is mainly due to an increase in donations and one-off investment accounting impacts, related to the sale of historic investments. Therefore, this progress must be ensured in the coming years.” By analyzing the expenditure items, we can ensure the coherence between the mission and its concrete economic implementation. The report then details the items that divide the 393.29 million euros allocated to the Apostolic Missions and Pontifical Funds (excluding hospitals). The majority of these funds (83%) focus on five priority sectors. The main item, representing 37% of the total (146.40 million euros), is dedicated to supporting local Churches that are in difficulty and in specific evangelization contexts The next most significant areas of expenditure are worship and evangelization (14%), delivery of the message (12%), presence in the world through the Apostolic Nunciature (10%) and charitable ministry (10%).
The situation
The Holy See Manager reports that the supply trend in 2024 is an encouraging sign. They explained the matter in depth to the Vatican media: “After years of slowdown, the fact that contributions have shown growth gives hope for the renewed participation of the faithful and local Churches in the mission of the Holy See. This is a positive fact, indicating a climate of greater trust, although we know that this is a dynamic that can vary over time and always requires caution and realism in its interpretation. The analysis of expenditures confirms, as has been the case for many years, that the vast majority of resources are allocated directly to apostolic activity. Structure This budget, which is stable over time, reflects the coherence between mission priorities and the economic options that enable their implementation, enhancing pastoral initiatives and supporting the most vulnerable ecclesiastical communities. This is certainly a positive element that encourages us to continue on this path, with continuity, balance and always careful management of existing resources”.
Pope Leo In the book’s interview with Elise Allen, in one of the chapters, she reports her confident management vision of the approach given by Francis to management: «People make many statements about the financial situation of the Vatican. It’s not the crisis that makes people believe it. Luckily I have knowledge and experience in various types of financial matters. So we will continue to work on this. The reforms initiated by Pope Francis, who made several very important decisions, have certainly improved the situation compared to ten years ago, but this must continue. There is still much to be done in this regard.” In the past, Robert Prevost in his role as Prior of the Augustinian order had to handle budget evaluations, economic and strategic choices with a firm attitude, putting himself to work supported by various specialists. A way of acting that he continues to adhere to in these six months of his pontificate.
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