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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: November 19,2024 Agenda Item#4
<br /> Regular Session X
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: OCTOBER 2024 Monthly Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"Comparative Statement of Net Position for October 2024".
<br /> 2. Attachment "Comparative Statement of Revenues, Expenses and Changes in Net Position
<br /> for October 2024 and 2023."
<br /> 3. Attachment"Actual to Budget Comparison FY 2025."
<br /> 4. Attachment"Comparative Statement of Monthly/Year-to-Date Retail Sales by Store."
<br /> 5. Attachment"NC Statewide Report of Spirituous Liquor Sales."
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"Page 311):
<br /> Cash held by the Board($3,429,930)declined slightly(431,278,-0.90%).In its initial month,
<br /> cash held in the Capital Management Trust account ($500,000) increased by $1,559 (+0.003%).
<br /> Inventory for the month ($5,238,970) increased by $286,585 (5.79%) in advance of the upcoming
<br /> holiday season. This increase was reflected in the balance of trade accounts payable ($1,448,160),up
<br /> $176,492 (13.88%).
<br /> Excise taxes (up $20,051, +3.30%) and sales taxes (+$7,002, 4.48%) were up, relative to the
<br /> increase in monthly sales.
<br /> Year-to-date income ($18,468) decreased-$291,509, down-94.04%from the previous year.
<br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment"Page 4"):
<br /> Although LBD sales ($466,401) declined -$7,881 (-1.66%), retail store sales ($2,248,533)
<br /> increased $102,446 (4.77%) for a net total increase of $91,276 (3.48%). Although relative sales
<br /> expenses (taxes and cost of goods) increased proportionately ($20,095 and $37,747), gross profit for
<br /> the month($690,893)was up $33,434 (5.09%).
<br /> Payroll expenses($320,682)were up$27,981, due primarily to increases in wages ($15,824),
<br /> health insurance ($6,296) and retirement expenses ($3,386). Total operating expenses ($143,213)
<br /> were up $1,800 (1.27%).
<br /> Net income before depreciation was $119,124, down -$1,573 (-1.30%). As depreciation
<br /> ($41,257) increased by$5,397 (15.05%),net income was $77,867, down-$6,970 (-8.22%).
<br /> 3. Actual to Budget Comparison FY 2025 (Attachment "Page 511):
<br /> Total sales through October were approximately 2.66% higher than projected. Sales-related
<br /> expenses were up accordingly, with gross profit up approximately 2.22%.
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