Vatican posts deficits of more than $22 million for 2003

Published: 2004-07-07

VATICAN CITY (CNS) -- The Vatican ended 2003 with another budget deficit, showing a shortfall of about $11.7 million in the coffers of the Holy See and a shortfall of about $10.8 million on the books of Vatican City State. The Vatican released the figures July 7, a day after the budgets were discussed during a meeting of the Council of Cardinals for the Study of the Organizational and Economic Problems of the Holy See. Cardinal Sergio Sebastiani, president of the Prefecture for the Economic Affairs of the Holy See, was scheduled to provide more details about the budgets at a July 8 Vatican press conference. The Holy See budget includes Vatican congregations and councils, as well as the Vatican's 118 embassies and diplomatic offices around the world. The Vatican City State budget includes the care and upkeep of Vatican buildings as well as the Vatican's stamp and coin offices and the Vatican Museums. The July 7 press release said the Holy See's budget deficit for 2003 -- the third consecutive year with a budget shortfall -- was due mainly to salaries and normal expenses for the curial offices, their 2,674 employees and the diplomatic missions.

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