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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: June 18,2024 Agenda Item#5a <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: May 2024 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A"Comparative Statement of Net Position for May 2024. <br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for May 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 /> Total cash held by the Board in May 2024 was $3,866,814, down-$357,387 <br /> (-8.461/o) from the previous year. The Roxboro Saving account was closed and the new 5/3 <br /> bank account was funded. Prepaid expenses ($212,142) were up $53,998 (34.14%) while <br /> inventory($4,507,827)was down slightly(-$17,095, -0.38%). <br /> Trade accounts payable(liquor)were$963,111, down-$588,207(37.92%).Excise <br /> taxes,however($602,681)were up$39,462(7.01%). Payroll liabilities ($172,603)were up <br /> $59,946 (53.21%)while payroll accruals($89,962)were up $24,475 (37.371/0). <br /> Year to date income($508,155)was down-$637,862 (55.66%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment I'D"): <br /> Total sales revenues for May($2,603,536)were down a modest-0.21%. As taxes <br /> and cost of sales were down accordingly, gross profit for the month($610,621)was down <br /> as well, -$2,904(0.47%). <br /> Total payroll expenses ($344,472) were up $53,909 (18.55%) from the previous <br /> year. An increase of approximately 20% due to the implementation of the Orange County <br /> Living wage/cost of living will continue to be reflected in previous year's comparisons <br /> until the first quarter of 2025. <br /> Total operating expenses for the month ($123,137) were down (-$24,064), due to <br /> general decreases overall. <br /> With the increases in payroll expenses and distributions +$10 636 despite the_ <br /> savings in operations,net income for the month($40,626)was down-51.15%- <br /> Page 1 of 5 pages <br />