It's been awhile, but I thought I'd post an answer. Hopefully people are still interested.
I haven't translated it but I found out what it is.
The words on the scroll are in some kind of pig latin, lots of abbreviations and not helped by the wrong sentence structure.
It seems to read:
Deus qui nos utos martiru tuos Ciriaci Largi et Smaragdi anua solenitate letificas: cede wicius. Ut quos natalicia colimus virtute es passonis imitem.
Epl'a bn dict de et pa vii.
Timete deum ortis sancti Grad.
The first line appears to be a variation of a prayer to the matyrs St. Cyriacus, St. Largus, St. Smaragdus who were killed by Emperor Diocletian along with about 20 others.
O God, we are made happy by the annual feast of Your holy martyrs Cyriacus, Largus, and Smaragdus. May we imitate the fortitude under suffering of these saints whose birthday we celebrate today.
Second line has Epl'a which is some kind of abbreviation used in medieval latin followed by an abbreviated version of benedictus deus et pater (or whatever the medieval version was) meaning blessed be the god and father.
Third line basically means 'Fear of god is the first step' (to wisdom) which appears in a couple of places in the bible.