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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 /> 3. Actual to Budget Comparison for Year-to-Date 2022 (Attachment "C"): <br /> With the first quarter passed, approximately 75% of allocated funds should remain in <br /> the annual budget. At 74.12%, gross sales are trending slightly higher than anticipated <br /> (+0.88%). Sales-related expenses are up accordingly (taxes, up 0.34% and cost of sales, up <br /> 0.41%). <br /> Although there are deviations in between payroll line items, overall payroll-related <br /> expenses(74.50%) are trending just 0.50% above expectations. <br /> At 72.66%, total operating expenses are trending 2.34%higher than projected, due to <br /> increases in store and office expenses. These will be addressed in a future budget amendment, <br /> along with lease amortization and lease interest expenses items that did not exist,prior to the <br /> implementation of the new GASB 87 standard. <br /> Working capital retained for the year(64.73%)is 10.27%below that expected, <br /> although some improvements in revenues and overall decreases in expenses are expected once <br /> stores #8 (Southern Village) and#4 (Mebane) are up and running. <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 />