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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: April 23, 2024 Agenda Item# 4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: March 2024 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for March 2024.
<br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for March 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 /> The Board held $4,051,449 in cash for the month of March 2024, down -$92,644
<br /> (-2.24%). Total current assets were $7,160,724, up $657,895 due primarily to increases in
<br /> inventory, +$572,787,up 13.75%.
<br /> Accounts payable($1,462,474) increased by $119,798, with trade accounts payable
<br /> up $109,103 (8.86%). Tax and payroll liabilities ($997,941) were up $89,097 (9.80%).
<br /> Other current liabilities ($2,114,145) increased $443,618 (26.56%), although long term
<br /> liabilities decreased -$234,697 (-5.62%).
<br /> Year to date income ($553,821) decreased -$496,383 (-47.27%) from the previous
<br /> year.
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment°B"):
<br /> Total sales for the month ($2,598,096) increased by $12,704, up a modest 0.49%.
<br /> With taxes down -$922 (-0.15%) and cost of goods up $77,330 (6.02%), gross profit for
<br /> the month($633,400) decreased-$63,704 (-9.14%).
<br /> Total payroll related expenses ($380,263) increased $69,956 (22.54%), due
<br /> primarily to recent increases in salaries and wages (+$50,019, 24.69%) and related taxes
<br /> and retirement expenses.
<br /> Total operating expenses for March ($146,989) were up $9,889 (7.21%). Exterior
<br /> maintenance services were up $5,369 (including seasonal mulch services) and building
<br /> repairs and maintenance (including fire panel repairs) were up $3,504. Vehicle expenses
<br /> were down-$1,624 while store expenses were down-$4,473.
<br /> With the decline in gross profit and the increases in payroll and operational
<br /> expenses(and increases in depreciation"expenses"of$5,370),net profit for the month was
<br /> $37,695, down-$160,173 (-130.78%).
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