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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: September 17,2024 Agenda Item # 6 <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy (Guest: Mason Barringer) <br /> Subject: Audited Financial Statements for Fiscal Year 2024 <br /> Attachment(s): <br /> 1. Attachment: Auditor's Communication Letter, dated September 10, 2024 <br /> 2. Attachment: Statement of Revenues, Expenses and Changes in Net Assets (2024) <br /> 3. Attachment: Audit for Fiscal Year End 2024 (sent separately) <br /> Brief Summary/Explanations: <br /> The audit for the fiscal year ending 06/30/2024 was conducted by the auditing firm of <br /> Davenport, Marvin, Joyce, Price and Sprinkle (DMJPS) with Lorin Hartley as auditor and Mason <br /> Barringer as lead auditor. (Mr. Barringer had a pre-existing firm meeting and will be attending the <br /> board meeting virtually). <br /> Highlights: <br /> • Working capital increased 3.13% over the prior year(page 4). <br /> • Approximately 10.5% of profits (change in net position before distributions) were <br /> expended for law enforcement and 15.5% for alcohol education(page 4). <br /> • With assets exceeding liabilities by $13,905,187, net position increased by 3.30% <br /> ($442,879) (page 5). <br /> • While sales for the year($31,311,344)increased modestly,up$102,369 (0.3%) (page <br /> 6),they are still the highest in the Board's history. <br /> • Bottles sold in FY 2024 (1,996,350) decreased-24,538 (1.21%) (page 7). <br /> • Notes payable ($2,502,064) decreased -$152,615 (-5.7%) (page 8) <br /> • Change in net position ($442,879) was down significantly (-63.26%) from the <br /> previous year(page 12). <br /> • Inventory costs ($16,340,198) decreased -1.6% while operating expenses <br /> ($5,317,655) increased 8.13% (page 13). <br /> • The Board granted $176,630 to Law Enforcement: the minimum authorized was <br /> $40,882 (5%) (page 28). <br /> • The Board granted $261,000 to Alcohol Education: the minimum authorized was <br /> $57,235 (7%)(page 28). <br /> • In addition to the $805,000 distribution, $66,594 in bottle taxes was remitted to <br /> Orange County (page 29). <br /> • Minimum working capital (two weeks average sales) was calculated to be $923,156 <br /> while the maximum (three months average sales) was noted as $6,000,511; the <br /> Board's actual working capital was $4,367,476 (page 30). <br /> Page 1 of 7 pages <br />