Orange County NC Website
Browse       Search
ORANGE COUNTY ABC BOARD —AGENDA FORM <br /> Meeting Date: August 20, 2024 Agenda Item# 7 <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: JULY 2024 Monthly Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A"Comparative Statement of Net Position for July 2024. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for July 2024 and 2023. <br /> 3. Attachment"C"Actual to Budget Comparison FY 2025 <br /> 4. Attachment"D"Comparative Statement of Monthly/Year-to-Date Retail Sales by Store <br /> 5. Attachment"E"NC Statewide Report of Spirituous Liquor Sales <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Total cash held by the Board in July 2024 was$4,068,742,up a modest$69,685(1.74%) <br /> over the previous year. <br /> In preparation for the July 41h holiday followed by a slow-down for the balance of the <br /> month, inventory levels ($4,583,026) were up $183,580 (4.17%). This increase is reflected in <br /> the liability for trade accounts payable (distillers), $1,655,864, although this amount is down <br /> slightly(-$6,994, -0.42%). <br /> Liabilities for excise taxes ($507,970,-3.64%)and other/sales taxes($138,545, -2.80%) <br /> were down due the decline in sales for the month. The decline in sales and increased payroll- <br /> related costs resulted in a net loss for the month/year of 482,846. Although losses are not <br /> preferred, they are not unexpected during the summer vacation months. <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"B"): <br /> Retail store sales for the month ($1,909,497) were down 452,264 (-2.66%) and <br /> Commercial/LBD ("liquor by the drink") sales ($306,394)were down as well, -$27,262 <br /> (-8.17%). (Both were indicators of the summer vacation decline). <br /> While total operating costs ($134,144) were down just -$440 (433%) from last year, <br /> payroll costs ($328,878)were up $67,030 (25.60%) due to increases in salaries and wages due <br /> to previous "living wage" adjustments along with related tax and retirement benefits costs. <br /> Increases in distributions for law enforcement(+$614), alcohol rehabilitation(+$2,500) <br /> and the county's general fund(+$3,333) also affected the bottom line. <br /> Page 1 of 7 pages <br />