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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: January 23,2024 Agenda Item # 6a <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: December 2023 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for December 2023. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for December 2023 and 2022. <br /> 3. Attachment"C"Actual to Budget Comparison, FY 2024. <br /> 4. <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Total cash held by the Board in December was $4,548,719, up $106,830 (2.41%). <br /> Liquor inventory ($4,807,613) remained elevated, up $783,841 (19.480/o), although trade <br /> accounts payable ($1,330,787)was upjust$84,151 (6,750/0). <br /> Current tax and payroll liabilities ($1,270,917) were virtually unchanged from the <br /> prior year (+$345). Year-to-date income ($549,856), however, decreased significantly, <br /> down -$314,872 (36.41%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022 <br /> (Attachment"B"): <br /> Total sales for December ($3,590,007) declined -4.02%, due primarily to <br /> calendarization. December 2022 had 27 days of business while December 2023 had 25. <br /> Gross profit for the month ($857,811) declined -$83,127 (-8.83°/u). <br /> Payroll-related expenses ($405,245) increased 9.95%, due in part to retention <br /> payouts and an annual replenishment of the Board's state unemployment fund ($3,224). <br /> Total operating expenses($165,123)increased$24,536(17.45%),due to increases in credit <br /> card processing fees ($8,626), store expenses ($6,710) and utilities ($5,721). (Note: Duke <br /> Energy billings in Dec. 2022 did not occur until Jan. 2023). <br /> Monthly income after depreciation was $148,815, down -$155,848 (-51.15%) <br /> from the previous year. <br /> Page 1 of 5 pages <br />