Orange County NC Website
Browse       Search
ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: February 20, 2024 Agenda Item# 4a <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: January 2024 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for January 2024. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for January 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 January ($3,368,241) decreased -$450,860 (-11.81%) <br /> from the prior year. Prepaid expenses ($397,671) increased significantly ($214,967) due <br /> primarily to the downpayment paid on the new store registers ($114,706). Inventory <br /> ($4,453,611)was up $483,685,'12.18% over the previous year. <br /> Accounts payable($855,815)was down(-$206,394, -20.72%)while tax and payroll <br /> liabilities increased $12,709 (0.015%). <br /> Year-to-date income($526,189)decreased-$324,302 (-38.13%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022 <br /> (Attachment"B"): <br /> Total sales for January ($2,220,841) were up slightly, +$33,802 (+1.55%) while <br /> gross profit($568,679) increased$12,071 (2.17%). <br /> Total payroll expense($321,141)decreased-$6,898,(-2.10%). Operating expenses <br /> ($131,348) were up $9,996 (8.24%), due primarily to increases in utilities (+$4,703), <br /> service agreements ($1,773), credit card fees ($1,414) and building repairs ($1,388). <br /> Net income before depreciation($12,634)was down-$2,107 (-14.29%). <br /> 3. Actual to Budget Comparison for Year-to-Date 2023 (Attachment"C"): <br /> With five months remaining in the fiscal year, a balance of 41.67% should remain <br /> in allocated funds for the year. With 40.21% in projected sales remaining, sales for the <br /> year remain slightly above those anticipated(+1.46%). <br /> At 42.20%, payroll expenses are as expected,just 0.53%below those projected. <br /> Page 1 of 5 pages <br />