Despite papal transition, Vatican shows $12 million surplus for 2005

Published: 2006-07-12

VATICAN CITY (CNS) -- Despite the $8.9 million of extraordinary expenses related to the death of Pope John Paul II and the election of Pope Benedict XVI, the Vatican closed its 2005 budget with a surplus of more than $12 million, officials said. Cardinal Sergio Sebastiani, president of the Prefecture for the Economic Affairs of the Holy See, presented the 2005 consolidated budget figures at a July 12 press conference. The cardinal did not provide figures for total Vatican income and total Vatican expenses at the press conference, but promised to provide the figures later. Improved exchange rates and higher interest on Vatican investments helped give the Vatican its healthiest bottom line in eight years, the cardinal said. He said the Vatican's investment sector closed with a profit of $55 million compared to a profit of only $7.7 million in 2004. Listed under "other income and expenses" in the 2005 budget were the $8.9 million in "costs sustained" during the papal transition.

Copyright (c) 2006 Catholic News Service /U.S. Conference of Catholic Bishops. The CNS news report may not be published, broadcast, rewritten or otherwise distributed, including but not limited to such means as framing or any other digital copying or distribution method, in whole or in part without the prior written authority of Catholic News Service .