|
ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: January 23, 2024 Agenda Item # Sa
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: November 2023 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for November 2023.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for November 2023 and 2022.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2024.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment "A"):
<br /> The financial position of the Board continued to become more "liquid" with total
<br /> cash held ($4,010,477) increased $518,161 (14.84%). Inventory levels ($5,225,588)
<br /> remained elevated, due primarily to the additions of the new Mebane and Southern Village
<br /> stores.
<br /> Accounts payable owed by the Board ($1,899,359) increased $191,153 (11.19%)
<br /> while taxes and payroll liabilities ($1,036,168) increased$85,049 (8.94%).
<br /> Year-to-date income ($401,041) decreased -$164,736 (-29.12%).
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022
<br /> (Attachment "B"):
<br /> Store sales for the month ($2,462,017) increased $110,151 (4.68%) while LBD
<br /> LI ,� s ($434 , increased $21,525 (5.21%). Total sales ($2,899,933) increased by
<br /> ! $131,05 I° Taxes ($672,506) increased relative to sales (4.76%), although cost a
<br /> sales ($1, ,130) increased 10.85%, resulting in a decline in gross profit (-$52,606 -
<br /> 7.35%). _,--
<br /> Total payroll expenses ($300,568) increased $11,254 (3.89%). Total operating
<br /> expenses ($133,026) increased $6,227 (4.91%), due primarily to increases in interest on
<br /> debt service ($10,054), credit card expenses ($3,051,frf91lo) and professional services
<br /> ($3,594) related to audit and website development. Note: the previous year had a credit
<br /> balance for interest on debt service (-$4,646) due to a refund from the payoff of the BB&T
<br /> loan(-$9,075) that offset the month's interest due to First Horizon($4,429).
<br /> Monthly income after depreciation was $91,064, down -$82,079 (47.41%), due
<br /> primarily to the decline in gross profit.
<br /> Page 1 of 5 pages
<br />
|