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ORANGE COUNTY ABC BOARD-AGENDA FORM Meeting Date: June 18, 2024 Agenda Item#7 Regular Session X Closed Session Presenter/Information Contact: Ron McCoy Subject: Year-End Budget Amendment for Fiscal Year 2024 Attachment(s): 1—Attachment `A-'-Year-End-Budget-Amendment F-Y-2024 -- — 2. Attachment`B"Revised Annual Budget/Worksheet for Fiscal Year 2024 Brief Summary/Explanations: 1. Budget Amendment(Attachment"A"): The following revisions to the annual budget for fiscal year 2024 are recommended for the Board's consideration and approval based on examination of the budget at year-end. Section 1 Based on year-end projections,budgeted retail store sales revenues have been decreased by $319,315.Wine sales have been decreased as well,down-$8,585. LBD sales,however have been increased,up $398,120. Based on these revisions, change in net position has been increased$70,220. Section 2 Projected tax expenses have been decreased$199,480 while cost of goods have been increased by$30,065. Therefore,the change in net position has been increased by$169,415. Section 3 Year-end payroll-related expenses have been revised, increased by previous adjustments for Orange County living wage standards and pay scale compression considerations. Wages,retirement, and health insurance have been increased by$101,300 while human resources have been decreased by-$12,000. The change in net position has been decreased-$89,300. Section 4 Operating expenses have been reallocated and adjusted between accounts as budgeted expenses have been adjusted based on FY 2024 year-end projections. Rent,building repairs,utilities, dues and training have been increased while Board expenses, insurance, store and office supplies, exterior maintenance and professional services, employee travel and credit card expenses have been _.-.__—decr-eased,-Tle-urn-change m net gositionhas heeninereased-�4-5,980----- -_ _-_ -._-- Page 1 of 5 pages