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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: November 15,2022 Agenda Item # 4a <br /> Regular Session X <br /> Closed Session <br /> 3. Actual to Budget Comparison for Year-to-Date 2022 (Attachment 110): <br /> With two-thirds of the annual budget remaining, sales continue to trend slightly above <br /> expected(+2.09%).Payroll-related expenses are up slightly(0.73%)while total operating <br /> expenses are up 4.85%. Lease amortization and lease interest expenses will be added to the <br /> budget with the mid-year amendment in January.Reallocations of expenses between accounts <br /> will be addressed as well. <br /> While construction of the new Mebane store remains ongoing,the Southern Village <br /> store is now open for business. The Board incurred higher than projected costs for the <br /> installation of security,registers, store safes and shelving,resulting in expenditures of <br /> $45,111. <br /> Additionally,per the Board's decision last month,the outstanding BB&T/Truist loan <br /> on the Chapel Hill North store was paid in full,using retained revenues from the previous <br /> fiscal year. Capital expenditures for the loan payoff and the additional expenses at the <br /> Southern Village store will be addressed in the January mid-year budget amendment. <br /> Action Requested: <br /> 1. Consent Agenda Item. <br /> 2. Review and discuss as needed. <br /> Financial Impact: See Above <br /> Staff Recommendations/Comments:None <br /> Page 2 of 5 pages <br />