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

The latest from america

Before long I had tears in my eyes—and not from the uneven grooves worn into the wood by pilgrims’ knees. Something about the physical discomfort helped me to focus on the much greater pain Jesus had felt on those same stairs.
Over against our human unreliability stand the rock-solid assurances of God.
The latest survey, conducted in January, found that 44 percent of white Catholics approve of President Trump’s job performance.
Today and everyday we are invited to pray with the psalmist.