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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: May 21, 2024 Agenda Item# 4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Tony DuBois for Ron McCoy
<br /> Subject: April 2024 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for April 2024.
<br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for April 2024 and 2023.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2024.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"A"):
<br /> Cash held by the Board in April, 2024 totaled $3,781,805, down -$507,041
<br /> (-11.82%), due in part to prepaid FY 2024 4`h quarter distributions (+$207,939) and
<br /> additional inventory (+$207,916). Prepaid expenses were up +$45,897 (25.38%) and the
<br /> asset portions of leases were up+$59,492 (2.90%).
<br /> Total accounts payable ($1,207,562) were down -$311,214 (-20.49%) with trade
<br /> accounts payable (inventory purchases) down -$307,967 (-22.02%). Total tax and payroll
<br /> liabilities($976,050)increased$22,377(2.35%),due primarily to increased accrued payroll
<br /> wages ($20,683).
<br /> Year to date income($507,567) continued to decline, down -$593,353 (-53.90%).
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment "B"):
<br /> Total sales revenues for the month ($2,527,745) were up slightly over the same
<br /> period in the previous year, +$13,102 (0.52%). With taxes up $3,548 (0.60%) and cost of
<br /> sales up $47,345 (+3.61), gross profit for April($577,510) was down-$37,791 (-6.14%).
<br /> Total payroll expenses ($333,660) were up $37,575 (12.69%), due primarily to
<br /> increased wages ($21,810).
<br /> Total operating expenses for the period($146,078)were,up$7,252 (5.22%), due to
<br /> increases in building repairs ($5,171), equipment maintenance ($4,948) and warehouse
<br /> vehicle expenses ($3,215). These increases were offset by decreases in store expenses
<br /> (-$9,224) and professional services (-$6,300)
<br /> With the decrease in gross profit and increases in payroll, operating expenses and
<br /> grant and profit distributions (up $1,469 and $9,167), net income before depreciation was
<br /> -$6,020, down-$93,905 (-106.85%) from the previous year.
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