"The national office of the Anglican Church of Canada has reported a deficit for the fifth straight year in 2007, with a shortfall of $777,195; the amount is $290,768 more than the loss recorded in 2006 of $486,427. The deficit would have been $1.97 million had General Synod not received a refund last year of $1.17 million from the federal government as part of the revised Indian Residential Schools Settlement Agreement, the financial statements showed. The statements reported revenue of $13.68 million, and expenses of $14.46 million. General Synod treasurer Peter Blachford said there were a number of reasons for the deficit, but that the biggest cost was related to the transfer of Anglican Book Centre (ABC) , the church's Toronto-based bookstore, to the Lutheran bookseller, Augsburg Fortress Canada". "Although donations to the Anglican Appeal, the church's flagship appeal, went up by 1.6 per cent ($438,344 compared to $425,881 in 2006) in 2007, it still fell short of its budgeted revenue target of $550,000, added Mr. Blachford. Proportional giving by some dioceses was also down".