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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: September 7,2024 Agenda Item # 4
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: AUGUST 2024 Monthly Financial Reports
<br /> Attachment(s):
<br /> I. Attachment"A" Comparative Statement of Net Position for August 2024.
<br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net Position
<br /> for August 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 /> Cash held by the Board in August totaled$3,842,328, up$85,254 (2.27%)over the previous year.
<br /> Other current assets ($7,327,220) were down -$26,228, due primarily to a decrease in inventory
<br /> ($4,765,752), down-101,131 (-2.081/o).
<br /> The decrease in inventor
<br /> y was reflected in a decline in trade accounts a p yable($1,426,486),down
<br /> -$229,416 (43.85%). Other current liabilities increased $587,842, although long term liabilities
<br /> ($2,266,557) decreased-$306,866.
<br /> Year-to-date income (-$59,537), decreased significantly(-$216,158, -138.01%).
<br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment"B"):
<br /> Although retail store sales ($2,161,228) were up $68,444 (3.27%), total sales ($2,534,716) were
<br /> up just $31,967, (1.28%), due to a decline in LBD sales (-$33,597, -8.26%). Taxes on sales increased
<br /> $7,505 and cost of sales increased$24,462.
<br /> With three pay periods in August, total payroll expenses ($342,442) were up $51,743 (17.80%).
<br /> Total operating expenses($144,568)increased$9,186(6.79%),with increases in store expenses($2,735),
<br /> utilities ($6,761) and business insurance ($1,428).
<br /> Net income before depreciation ($64,224) was down -$80,375 (-55.58%). After depreciation,
<br /> income for the month was $23,357, a significant improvement over the prior month.
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