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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: May 21, 2024 Agenda Item #6 <br /> Regular Session X <br /> Closed Session_ <br /> Presenter/Information Contact: Tony DuBois/Ron McCoy <br /> Subject: Draft BUDGET for Fiscal Year 2025 <br /> Attachment(s): <br /> 1. Attachment"Page 4"Budget Worksheet(Multi-Year Comparison) <br /> 2. Attachment"Page 5"Capital Improvement Plan <br /> 3. Attachment"Page 6"Annual Budget(Draft) <br /> 4. Attachment"Page 7"Annual Budget Ordinance (Draft) <br /> Brief Summary/Explanations: <br /> Attachment"Page 4"Worksheet (Multi-Year Comparison) <br /> The multi-year worksheet spans seven fiscal years (2018-2024). 2018-2019 and 2023 <br /> (shaded gray) are the two years prior to and one year after the pandemic. 2020-2022 (shaded <br /> orange) are the pandemic-era years while the current fiscal year(2024) is shaded green. <br /> 2018 is the"base"year and annual percentage increases/decreases are noted for the following <br /> years. <br /> Income <br /> Using sales and expenses for the current year through the end of April combined with May and <br /> June figures from the previous year,we have forecasted FY 2025 numbers. Once sales for May 2023 <br /> are known, the final draft of the FY 2025 budget presented for Board approval in June may be <br /> adjusted to project future sales more accurately. <br /> As retail store sales have slowed from the previous year, projected sales for 2025 have been <br /> increased modestly (2.0%). Wine sales for FY 2025 have been increased by 4.45% over FY 2025. <br /> With LBD (commercial) sales consistently decreasing since FY 2023, for 2025, LBD sales have <br /> been decreased by -2.00%. <br /> Expenses <br /> GASB 87 requires the capitalization of leases while GASB 74/75 requires the financial <br /> recording of postemployment/retiree benefits and the Board's portion of the state retirement <br /> program. Rent/lease amortization calculations are provided by DMJPS (our auditors). GASB 74/75 <br /> entries are calculated annually by actuaries (Cavanaugh McDonald) while assets/liabilities related <br /> to the state retirement system are provided by the state in August. All these entries are estimated for <br /> the purpose of this draft budget. <br /> Page 1 of 7 pages <br />