2022 ABC Board Minutes - Laserfiche WebLink

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ORANGE COUNTY ABC BOARD—,AGENDA FORM Meeting Date: August 23,2022 Agenda Item# 5a Regular Session X Closed Session Recalculations of the state pension expense (-$58,504) and the other-post-employment- benefits (OPEB) (-$283,521)has led to a credit balance in payroll-related expenses of -$103,654.Note: these numbers are not final and may be revised further. In operating expenses, the capitalization of leases (GASB 87) led to a credit towards rent expense (-$138,982), a new lease interest expense of$25,444 and a lease amortization expense of$154,591. As these entries were made in June, the net income for the month is skewed. Total retail sales for the year to date were $25,433,856, up $562,251 (2.26%). Wine sales for the year($41,249)were down-$3,567,(-7.96%).Year-to-date LBD sales($4,575,181) were up $2,241,857 (+104.08%). Net income for the year was $2,180,924, up $866,373 (65.91%).Note:net income for the year has been affected by the credits received towards OPEB and rent expenses. These figures are under review may still change substantially. 3. Actual to Budget Comparison for Year-to-Date 2022 (Attachment"C"): Year-end changes made with the implementation of GASB 87 and the credits received from OPEB liability recalculations have affected the budget, Sales came in at$26,138 (0.09%) above projected,with sales-related expenses (taxes 0.09%, cost of sales-0.08)as expected. Credit for OPEB liability and the Board's portion of the state pension program resulted in a surplus of budget of 12.02%. Likewise, the credit to rent expense and the unbudgeted lease interest and lease amortization expenses led to a budget overage of-2.85%. The budget may be affected further as ongoing review by the auditor is underway. Action Requested: 1. Consent Agenda Item. 2. Review and discuss as needed. Financial Impact: See Above Staff Recommendations/Comments:None 1 I Page 2 of 5 pages I