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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: October 18, 2022 Agenda Item # 4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: September 2022 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A"Comparative Statement of Net Position for September 2022.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for September 2022 and 2021.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment "A"):
<br /> Relative to the same period last year,total cash held by the Board declined by
<br /> -$1,509,046 (-28.25%). This is due in part to the Board's payoff of the Oakdale store in the
<br /> previous year and increased investments in capital assets (Stores#4 and#8) and inventory. The
<br /> single greatest component of expenditures, inventory ($4,274,535) increased by $1,083,600
<br /> (33.96%),due primarily to the addition of a new store(# 8, Southern Village),ongoing elevated
<br /> sales levels and preparation for imminent holiday sales.
<br /> Although inventory levels were elevated, accounts payable ($1,143,265)were down
<br /> (-$303,379, -18.75%) indicating the inventory was purchased in a prior period. Taxes and
<br /> payroll liabilities were down somewhat(-$30,203, -3.54%).
<br /> Year to date income was $299,306, down-$138,298 (-31.68%).
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2022 to 2021
<br /> (Attachment 1111"):
<br /> Retail store sales of liquor ($2,066,513) were consistent with last year's, up 1.76%.
<br /> Commercial LBD sales ($469,801) continued to lead the way,up $89,369 (23.49%).
<br /> With three pay periods in September,total payroll expenses($283,322)were up$50,406
<br /> (21.64%), due primarily to increases in wages ($19,915) and retirement costs ($11,936).
<br /> Other operating expenses ($125,239) were up $22.00%, due to increases in store
<br /> expenses ($8,195, due primarily to an allocation of bags and setup costs for the new Southern
<br /> Village store) and credit card processing fees ($3,637). Note: some operational items (repairs,
<br /> postage,vehicle expenses)diverged significantly from the previous year when comparing costs
<br /> on a percentage basis.
<br /> Net income for the month before depreciation was $160,909, down-15.97%. Monthly
<br /> income after depreciation was $128,558, down-$26,288, (46.98%).
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