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<br /> ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: January 17, 2023 Agenda Item # 6a
<br /> Regular Session X
<br /> Closed Session_
<br /> Presenter/information Contact: Ron McCoy
<br /> Subject:November 2022 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for November 2022.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for November 2022 and 2021.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"A"):
<br /> Cash held by the Board in November ($3,492,315) was down substantially from the
<br /> previous year (-38.23%), due in part to an increase of expenses over incoming revenues. This
<br /> is most apparent in the volume of inventory($4,718,333), up $1,373,312(+41.06%). Inventory
<br /> has increased significantly with the onset of the holiday season, preparation for the new (and
<br /> larger) Mebane store and the addition of a ninth store, Southern Village. Capital expenditures
<br /> related to the construction of the Mebane store (not funded by the construction loan) also
<br /> account for the decrease in available revenues.
<br /> Monies owed for accounts payable($1,708,206) increased$199,620(13.23%).Tax and
<br /> payroll liabilities($951,119)were up $58,520 (6.561/4).
<br /> Total long-term liabilities (including the note payable to First Horizon, $2,212,383)
<br /> were $3,891,810, up $166,345 (4.471/o).
<br /> Year to date income ($559,786) decreased -$190,377 (-25.38%).
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2022 to 2021
<br /> (Attachment"B"):
<br /> Retail sales in November were $2,351,866, up $25,915 (+1.11%). Commercial sales
<br /> (LBD)($412,805)continued to be brisk,up$62,125 (17.72%).With taxes($641,968)up 3.53%
<br /> and costs of sales ($1,411,007) down (-2.14%), gross profit of$715,902 was 15.67% higher
<br /> ($96,998)than the same period in the previous year.
<br /> Total payroll expenses were$289,313,up $56,808 (24.43%),due primarily to increased
<br /> wages (+$38,212) related to improved holiday sales and the addition of a new store (Southern
<br /> Village). Total operating expenses for the month were $126,799, up $16,200 (14.65%), the
<br /> result of increases in rent amortization (+$20,507), credit card processing (+$5,045), service
<br /> agreements (+$3,258), utilities(+$4,870) and store expenses (+$1,979) and decreases in rent
<br /> (-$12,416) and interest on debt service (-$14,438).
<br /> Net income for the month after depreciation was $173,143, up $11,694 (7.24%).
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