Dear Parishioners,

Below is a summary as of December 31, 2006, of the financial status of our construction project to build the new Learning Center, Rectory, and Parking Lots.  The project is well under way with the completion of the first parking lot and the laying of the blocks for our buildings.  Progress will be going forward at a rapid pace.

As may be seen on the schedule there is a reserve for contingencies and revisions (which always occur) of $151,000.  It would seem prudent to have a reserve of 10% of the total, if feasible.  That would be $246,000 versus the $151,000 or an increase of $95,000.  About one third of our families have contributed to the campaign to date leaving many who have not yet participated.

We urge those who have not done so to consider making a contribution or a pledge at this time which would help us achieve our goal of a 10% reserve.  If you have not participated in the building campaign and would like to join your fellow parishioners who have done so, please stop by the church office or e-mail or call Cindy Ser or Karen Bulman at 439-2791.  Anything you can do to help will be greatly appreciated.

God Bless You.
Sincerely,

Ray Alleman
Chairman

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SANTA MARIA DEL MAR
FINANCIAL STATUS OF CONSTRUCTION PROJECT

12/31/06

COST

          Original Construction (Bomar) Bid                            $2,407,000

          Add

                   Addition of Second Parking Lot,                           225,000

                      to be constructed, not included in

                      original bid

                   Fees, Permits, etc.                                                100,000

                   Furnishings                                                           100,000

          Deduct

                   Cost of Covered Walkway                                  (370,000)

                      deferred at this time

          Total Cost of Project                                                $2,462,000

                   Less Paid to 12/31/06                                        (425,000)

          Remaining Cost to be Paid                                       $2,037,000

FUNDS AVAILABLE

          Project Cash on Hand – 12/31/06                             $    748,000

          Pledge Balance Receivable – 12/31/06                            840,000

          Reserve for Uncollectible Pledges                                    (50,000)

          Remaining Mortgage Drawdown Available                      650,000

          Total Funds Available                                                $2,188,000

          Reserve for Contingencies  & Revisions                          151,000

Note – Total Cash & Pledges Raised by Campaign to

           December 31, 2006                                                  $1,686,000