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The vestry at an Episcopal church operates with less congregational input than the council of a Lutheran church.
For example, if you call a new rector or other clergy staff person, the vestry will choose a search committee, which will report in detail to the vestry, but make only non-detailed reports to the members of the parish, perhaps during announcement time. The candidates never meet with the entire parish, only with the search committee and vestry. When the vestry is ready to issue a call, they first inform the bishop and ask for a go-ahead signal. This is the first time the parish finds out who their new rector is.
Ironically, candidates for bishop DO meet with the rank and file members in their prospective diocese before being voted on. Unlike synod presidents, bishops can stay on as long as they want.
I'm not sure which system I prefer. On the one hand, the Lutheran system is more democratic. On the other hand, the Episcopal system is more efficient and seems to hire good and bad clergy to the same degree as the Lutheran system.
In the churches I am familiar with, a finance committee, made up of people who may or may not be on the vestry, draws up a provisional budget. This budget is tinkered with and put into final form by the vestry and then presented to the parish at the annual meeting. They may vote it up or down.
The junior and senior warden are chosen in different ways in different parishes. In some parishes, they run for the office separately. In others, they're elected by the vestry from among its members. In others, they're appointed by the rector. You probably already know that the senior warden is responsible for finances and personnel, while the junior warden is responsible for property and programs.
I think the more top-down structure comes from the church's English heritage. It has its advantages, as when a rector goes really bad (e.g. telling the congregation that anyone who disagrees with him is blaspheming against the Holy Spirit), and the bishop can toss him without much fuss.
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