cfm template updating cfc variable scope

Don't know if anybody's run into this before, but I ran into a strange issue with the variable scope in a cfc.  Basically, I have some application settings stored in a database table, and then I have a cfc saved to application scope in which I store the contents of the table in a variable scope query.  Within the cfc, I have a getter function that preforms a query of queries to pull the data I need.  I then have an admin screen within the application to update the settings.

This is (very generally) what my cfc looks like:

<cfcomponent

name="settings.cfc">

     <cffunction name="init" returntype="settings">

          <cfset setAppSettings() />

          <cfreturn this />

     </cffunction>

     <cffunction name="setAppSettings">

          <cfquery name="variables.qrySettings" datasource="#application.dsn#">

               SELECT *

               FROM SETTINGS

          </cfquery>

     </cffunction>

     <cffunction name="getAppSettings" returntype="query">

          <cfargument name="id" />

          <cfset var local = structNew() />

          <cfquery name="local.qryResult" dbtype="query">

               SELECT *

               FROM variables.qrySettings

               WHERE ID = <cfqueryparam value="#arguments.id#" cfsqltype="cf_sql_numeric" />

          </cfquery>

          <cfreturn local.qryResult />

     </cffunction>

application.objSettings = createObject("component","settings").init() />