2006 Vatican budget closes with surplus; Peter's Pence up $42 million

Published: 2007-07-06

VATICAN CITY (CNS) -- Despite a serious drop in the value of the U.S. dollar, the Vatican's 2006 budget closed with a surplus of more than $3.2 million, said Cardinal Sergio Sebastiani, head of the Vatican's general accounting office. While salaries and pension contributions increased, a "brusque and accentuated" drop in the value of the U.S. currency was a big reason why the surplus was so much less than the 2005 surplus of $12 million, the cardinal told reporters July 6. Presenting the 2006 consolidated budget of just the Holy See, primarily the Roman Curia, Cardinal Sebastiani said the value of the Vatican's accounts was down an estimated $9.5 million solely because of the dollar's drop against the euro. Most donations to the Vatican and some of its investments are in dollars, yet the Vatican's expenses are mainly in euros.

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