By the NewsMax.com Staff
Wednesday, July 12, 2006 12:03 a.m. EDT
Vatican Nets $12.4 Million Budget Surplus

The Vatican said Wednesday it posted a surplus of $12.4 million in 2005, its best financial showing in eight years despite heavy costs for the funeral of Pope John Paul II and the election of his successor.
Cardinal Sergio Sebastiani, who heads the Vatican's office for economic affairs, hailed "the good news" as he presented the Holy See's annual financial statement.
The Vatican has been struggling to contain spending for years, with much of its money going for labor costs and diplomatic missions worldwide.
Sebastiani disclosed that the costs of the transition period following the death of Pope John Paul in April 2005 and the election of Pope Benedict XVI amounted to $8.9 million.
However, much of the expense was covered by the huge influx into the Vatican museums when millions of pilgrims came to Rome for the ceremonies, Vatican officials said.
The Vatican also confirmed that Roman Catholic dioceses and individuals in the United States remain the No. 1 donors to the Holy See, providing a third of Peter's Pence, as donations to the Pope are known. Next come Italy and Germany.