A called meeting of the session was held on Sunday, July 22. The purpose of the meeting was to give an update on construction progress, to give the latest information on the scope and cost of the project, and to receive recommendations from the Finance Committee on how to finance the project. Whit reported that the final cost came in higher than was originally anticipated. After that, the leaders of the Building Committee met with the architect and the contractor to align the project cost more closely with the funding capacity. The overall goals of the project will be met but other elements of the project will have to be scaled back or not completed at this time.
Jay Crane presented the Finance Committee’s plan for the project which the session endorsed. Funds will be used from either Capital campaign pledges or Endowment checking account/money market funds in the following order: use specific funds in the Endowment that relate to capital-type expenditures (prior capital campaign funds, Willard House, Burgess Parking Lot, Playground Equipment), remaining funds in checking accounts/money market funds, sale of Endowment investments, and letter of credit with Wells Fargo.
A motion was made by Jason White and seconded by Mark Huckabee to affirm and support the Building Committee leadership team and the pastor in making decisions on the building project.