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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: October 22, 2024 Agenda Item# 5 <br /> Regular Session X <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: SEPTEMBER 2024 Monthly Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for September 2024. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net Position <br /> for September 2024 and 2023. <br /> 3. Attachment"C"Actual to Budget Comparison FY 2025 <br /> 4. Attachment"D" Comparative Statement of Monthly/Year-to-Date Retail Sales by Store <br /> 5. Attachment"E"NC Statewide Report of Spirituous Liquor Sales <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment "A"): <br /> Total cash held by the Board in September ($3,612,552) was down -$47,477 (4.30%). Total <br /> current assets ($7,567,937) increased $249,949 over the previous year, due primarily to an increase <br /> in inventory($5,141,150, up $157,141, 3.15%). <br /> Payables owed by the Board ($1,597,950) increased $109,768 (7.38%), with trade accounts <br /> payable up $116,562 (8.51%). Taxes and payroll liabilities owed($852,185) decreased$-72,756 <br /> (-7.87%), due primarily to a decline in taxes related to decreased sales. <br /> Year-to-date income (-$59,397) declined-$284,537 (-126.38%). <br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"B"): <br /> Calendarization had a tangible effect on sales in September. By comparison, September 2023 <br /> had 26 sales days including five complete (Fri-Sat) weekends while September 2024 had 25 sales <br /> days and four weekends. Total sales for the month ($2,297,235) decreased -$303,453 (-11.671/0). <br /> Gross profit($597,668) was down -$92,254 (-13.37%). <br /> With one less workday, total payroll expenses ($312,600) were down -$74,094 (49.16%). <br /> Operating expenses ($132,804) were also down (-$13,881, -9.46%). However, the decline in gross <br /> profit combined with increases in grants (+$3,114), profit distributions to the county (+$3,333) and <br /> depreciation (+$5,042) resulted in profit for the month ($1,779), a decrease of-$16,206 (-90.11%) <br /> from the previous year. <br /> Page 1 of 7 pages <br />