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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: August 23,2022 Agenda Item# 5a <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: June 2022 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for June 2022. <br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for June 2022 and June 2021. <br /> 3. Attachment"C"Actual to Budget Comparison,FY 2022. <br /> Brief Summary/Explanations: <br /> With the fiscal year 2022 audit ongoing, changes and revisions are still being made to the June <br /> financials. The GASB 87 standard is requiring us to calculate and record assets, liabilities and <br /> amortization of our leases.Additionally,the GASB 74/75 standard(calculated by actuary)that requires <br /> us to record our pension liability for retirees has resulted in a credit this year. We have also revised <br /> OPEB liabilities and assets related to GASB 68 that requires us to record our portion of the state <br /> retirement system. All of these calculations are being finalized and reviewed and will be up for <br /> discussion when the audit is presented next month. <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Total cash held by the Board in June ($3,815,113) was down(-$743,192, -16.30%). <br /> At$4,023,560,inventory levels are up$920,028(29.64%),primarily to additional stock <br /> that has been purchased in preparation for the opening of our new Southern Village store. <br /> A new lease asset of$3,275,938 has been recorded for 2022 as well as $1,222,602 in <br /> the prior year. Accumulated lease amortization of-$154,591 has been recorded as well as an <br /> amortization expense that will be reflected on the changes in net position statement. <br /> Total accounts payable ($1,392,362)were up $127,641 (10.09%), due primarily to the <br /> increase in inventory. A current(less than 12 months)lease liability of$314,119 was recorded <br /> as well as a long-term lease liability of$2,821,337. <br /> Current year to date income (subject to change with any additional auditor revisions) <br /> was $2,180,924, up$457,531 (3 5.67%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2022 to 2021 <br /> (Attachment"B"): <br /> With total sales of$2,330,669, sales increased 2.80%,due primarily to an increase in <br /> LBD sales(20.85%), offset by a slight decline in retail store sales(437%). <br /> Page 1 of 5 pages <br />