Major Renovations, Economy Put Vatican in the Red

Major renovations, infrastructure upgrades and a sluggish global economy left the Vatican City State budget in the red; however, donations to the pope were up from recent years. The 2009 fiscal period marked the third year in a row that Vatican expenses outpaced revenues. The budget of Vatican City State, which includes the Vatican Museums and post office, ended 2009 with a deficit of $9.8 million, the Vatican said in notes on the budgets released July 10. The separate budget of the Holy See, which includes the offices of the Roman Curia, finished 2009 with a registered deficit of more than $5.15 million. The figures were released in early July after a three-day meeting of a council of cardinals charged with reviewing the Vatican budgets. In explaining the city-state's deficit, the council's press statement mentioned that the Vatican Museums had opened new exhibition spaces and had extended visiting hours, which means the payroll grew. Vatican City is also launching a major overhaul of its telecommunications infrastructure in which a high-speed fiber optic network will be installed over some 250 miles.

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.

Advertisement
Advertisement

Don't miss the best from America

Sign up for our Newsletter to get the Jesuit perspective on news, faith and culture.

The latest from america

It has more to do with prophecy than politics.
Jonathan MerrittDecember 11, 2017
iStock photo
A federal judge wrote that it is unlikely church officials would be able to prove that their constitutional rights were being violated.
Michael J. O’LoughlinDecember 11, 2017
The ‘chaos candidate’ is now our pyromaniac president.
Margot PattersonDecember 11, 2017
At first Father Flanagan rejected the idea of a film, but he signed on after he saw a script that he liked.
Kevin LawlerDecember 11, 2017