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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: January 23,2024 Agenda Item#S <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: Mid-Year Budget Amendment for Fiscal Year 2024 <br /> Attachment(s): <br /> 1. Attachment"A"Mid-Year Budget Amendment FY 2024 <br /> 2. Attachment`B"Revised Annual Budget/Worksheet for Fiscal Year 2024 <br /> Brief Summary/Explanations: <br /> 1. Budget Amendment (Attachment "A"): <br /> The following revisions to the annual budget for fiscal year 2024 are recommended for the Board's <br /> consideration and approval based on examination of the budget at mid-year. <br /> Section 1 <br /> Based on year-to-date sales volumes, retail store sales revenues have not been adjusted. <br /> However, LBD sales have been amended(+$67,000)to reflect increased sales activity. The net <br /> position has been increased accordingly (+$67,000). <br /> Section 2 <br /> The budget for group health insurance expenses has been increased$20,000 to reflect 2024 <br /> rate increases.The retiree's group insurance liability calculated by actuarial has been decreased <br /> -$7,855 to agree with the determined amount.Net position decreased -$12,145. <br /> Section 3 <br /> Operating expenses have been adjusted for rent(-$14,405)and lease amortization (410,560), <br /> based on the schedule provided by the auditor(DMJPS). <br /> Utilities ($8,550), business insurance($11,625)and store expenses ($17,500) (including <br /> implementation of AEDs/defibrillators in all stores/office)have been increased to reflect projected <br /> increases. <br /> Office supplies have been increased$27,000 based on the installation/upgrade of the NAV <br /> back-office software/system. Service agreements have been increased $17,275 to reflect, in part,the <br /> installation of the online grant software. <br /> Originally,the NAV software upgrade was intended as a new capital asset. However, since <br /> the software is leased via subscription,the upgrade is now listed as an"expense" and not a <br /> purchased asset.Likewise,the grant software is a similarly leased expense and not a purchased asset. <br /> Net position has decreased-$56,985. <br /> Page I of 5 pages <br />