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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: August 20,2024 Agenda Item # 6 <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: FY 2024 Year-End 2024 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for June 2024. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for June 2024 and 2023, <br /> 3. Attachment"C" Comparative Statement of Montbly/Year-to-Date Retail Sales by Store <br /> 4. Attachment"D"NC Statewide Report of Spirituous Liquor Sales <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> June financials are reported prior to any adjustments deemed necessary as part of the <br /> annual audit. Definitive FY 2024 financials will be presented by the auditor in the <br /> September board meeting. <br /> Total cash held by the Board in June 2024 was $4,079,651,up $365,485 (9.84%) over <br /> the same period in the previous year. <br /> Inventory in June was $4,040,133, up $178,689 (4.63%), in advance of the July 4' <br /> holiday. Accordingly, trade accounts payable ($782,410) was up $149,169 (23.56%). <br /> Sales related expenses -excise taxes ($549,498, -4.01%) and sales taxes ($148,301, <br /> -3.01%)-were down relative to decreased sales in June. <br /> Year to date income ($471,099)was down-$714,747 (-60.27%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"B"): <br /> June store sales($2,045,043)were down-$60,595 (-2.88%)while LBD(commercial) <br /> sales ($348,991) were down -$33,889 (-8.85%). Wine sales ($187, down -$1,769) were the <br /> result of phasing out of fortified wine products. <br /> Total payroll expenses ($328,319) were up $39,526 (13.69%), prompted by the <br /> "living wage" increase earlier in the year. These increased costs will continue to be reflected <br /> in comparison to previous year's financials through the first quarter of calendar year 2025. <br /> Total operating expenses for the month were $131,119, up slightly ($1,383, 1.07%) <br /> over the previous year. Income for the month after depreciation was -$37,445. <br /> Page 1 of 6 pages <br />