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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: March 19,2024 Agenda Item#4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: February 2024 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A"Comparative Statement of Net Position for February 2024.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for February 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 February totaled$4,010,960,down-5.87%.Other current
<br /> assets($7,404,660)increased$1,181,491 (18.98%),due primarily to increases in inventory
<br /> $761,668 (19.55%).
<br /> Trade liabilities (invoices owed to distillers) were $1,427,887, up $348,680
<br /> (32.31%). The balance of the note payable to First Horizon(financing for the new Mebane
<br /> store)was$2,399,653, down-$50,354(-2.05%).
<br /> Total income for the year-to-date ($591,516) decreased-$336,847 (-36.28%) from
<br /> the previous year.
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022
<br /> (Attachment"B"):
<br /> With an additional `leap" day in the month, total sales for the month of February
<br /> ($2,451,315) were up $112,903 (4.83°/u). With sales-related expenses (cost of goods and
<br /> taxes)up correspondingly,gross profit was up$32,066 (5.37%).
<br /> Total payroll costs($294,195)were up$21,796(8.00°/u),due primarily to increases
<br /> in health insurance,up$10,543. Total operating costs were$129,701,up$9,297, (7.72°/u),
<br /> with increases in credit card processing(+$4,347),building maintenance(+$2,554),office
<br /> expenses(+$2,253)and contract service agreements (+$2,262).
<br /> Income prior to depreciation was $101,746, down-$10,180 (-9.10%). Net income
<br /> for the month was$65,326(2.66°/o).
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