Vatican finances are shaken by markets

BY CAROL GLATZ
DESPITE SIGNS of an economic recovery, the Vatican’s budget projections are still affected by shaky global financial markets and rising operating costs.
The Vatican expressed its gratitude for the donations that help fund its worklast week and called on donors and the faithful to continue their support.
A council of cardinals charged with reviewing Vatican finances met to go over the projected budgets of 2011. The cardinals are given two separate budget reports: the budget of the Holy See, including the Roman Curia, Vatican diplomatic missions around the world, Vatican media outlets and Vatican investments; and the budget of Vatican City State, including the post office and Vatican Museums.
The Vatican gave no figures for projected income and expenses, but it offered a general description of the budget plans. Even though there are “clear signs of recovery”, the overall budget forecast “is still feeling the uncertainties of the global economic system, but also rising operational costs”, especially for the Holy See’s budget, it said.
An “irreplaceable source of funding” for the Holy See is what the faithful offer, it said.
The Vatican has two special sources of income to which Catholics contribute: the Peter’s Pence collection and the contributions of dioceses.