|
ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: November 15,2022 Agenda Item # 4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenterlinformation Contact: Ron McCoy
<br /> Subject: October 2022 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A"Comparative Statement of Net Position for October 2022.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for October 2022 and 2021.
<br /> 3. Attachment"C"Actual to Budget Comparison,FY 2023.
<br /> Brief Summary/Fxplanations:
<br /> 1. Comparative Statement of Net Position(Attachment"A"):
<br /> Cash held by the Board in October totaled$3,568,203 down-$1,903,861(-34.79%)due
<br /> primarily to the recent payoffs of the Oakdale and Chapel Hill North properties.Investments in
<br /> inventories ($4,491,850) continue to remain elevated (up 35.36%), due in part to the opening
<br /> of an additional/ninth store(Southern Village)and preparation for the holiday season.
<br /> With Southern Village now open,"construction in progress" for that location has been
<br /> reclassified into the respective asset accounts(leasehold improvements and equipment). These
<br /> assets($12,171,266)have increased+$157,902 (1.31%).
<br /> With the increase in inventory, liabilities for accounts payable ($1,673,209) increased
<br /> by $143,394 (9.37%). As retail sales have remained static, total payroll and tax liabilities
<br /> ($883,646)increased by a modest 0.10%.
<br /> Year to date income($406,013)decreased by-$182,701 (-31.03%).
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2022 to 2021
<br /> (Attachment"B"):
<br /> Retail store sales of liquor ($2,220,463) were up just 1.02%, while LBD/commercial
<br /> sales($463,542)were up 7.76%.With taxes($625,978)up 1.98%and cost of sales($1,400,776)
<br /> up 3.07%, gross profit($660,148)was virtually unchanged from the previous year(0.17%).
<br /> Total payroll related expenses ($266,974) were down -$21,858 (-7.57%). Other
<br /> operating expenses($152,985) were up $49,192 (47.39%), due primarily to increases in store I
<br /> expenses ($10,217), credit card processing ($9,742) and utilities ($5,489). Net income for the
<br /> month before depreciation was $147,013,down -$41,843 (-22.16%).
<br /> Total year to date sales ($9,974,887)were up$288,369, (+2.98%).
<br /> Page 1 of 5 pages
<br /> 1
<br /> ii
<br /> f
<br />
|