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I' <br /> ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: January 17,2023 Agenda Item # 6a <br /> Regular Session X <br /> Closed Session <br /> 3. Actual to Budget Comparison for Year-to-Date 2022 (Attachment"C"): <br /> With five months of the fiscal year complete,approximately 58.33%of allocated <br /> funds should remain in the annual budget. As we near the halfway mark of the year, we will <br /> examine actual financial performance carefully and make any necessary adjustments to the <br /> budget with a mid-year amendment in January. <br /> Sales and related expenses continue above those expected, up approximately 3.58%. <br /> Total payroll related expenses are marginally higher, (+1.49%), although funds for <br /> human resources will need to be increased. <br /> Total operating expenses are approximately 5.49%higher than expected, due primarily <br /> to increased vehicle expenses, credit card processing, office and store expenses. Additional <br /> funds required to address these increases will be presented in the budget amendment. <br /> Capital expenditures for the Truist loan payoff(Chapel Hill North) and the additional <br /> expenses at the Southern Village store will be presented in the mid-year budget amendment as <br /> well. Additionally,the project budget for the new Mebane store will be examined to <br /> determine if any additional funding might be required from the Board, using working capital <br /> retained from the previous fiscal year. <br /> Action Requested: <br /> 1. Consent Agenda Item. <br /> 2. Review and discuss as needed. <br /> Financial Impact: See Above <br /> Staff Recommendations/Comments:None <br /> II <br /> Page 2 of 5 pages <br />