Vatican Reports Heavy Spending

The Vatican reported Thursday that its finances were in the black in 1998 but said the budget surplus was well below that of 1997. It warned that preparations for Holy Year 2000 require heavy spending this year.

Archbishop Sergio Sebastiani, president of the Prefecture for the Economic Affairs of the Holy See, told a Vatican news conference that Vatican income was $204.8 million and spending $203.3 million, leaving a net surplus of $1.5 million.

“With the approach of the Great Jubilee of 2000, [expenses] are growing,” Sebastiani said. “It is not possible for me to predict what the real requirements for the year 2000 will be, but it is certain that there will be major expenses.

“Maybe there will also be more donations. Let’s hope so,” he added.

Sebastiani said the Vatican relies on contributions from dioceses, religious orders, institutions, foundations and individuals as well as proceeds from real estate holdings and financial transactions to help meet its normal expenses.

The Vatican budget covers the activities of the Roman Curia, the church’s central administration and staff of 2,581 people; its diplomatic missions; Vatican Radio, which broadcasts worldwide in 46 languages; a growing television operation; the Vatican newspaper L’Osservatore Romano; and a printing and publishing unit.

In a separate statement, the Vatican said the annual Peter’s Pence collection for the pope’s charitable works totaled $52.8 million last year.