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<br /> ORANGE COUNTY ABC BOARD-AGENDA FORM
<br /> Meeting Date: January 17, 2023 Agenda Item #7a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
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<br /> Subject: December 2022 Financial Reports
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<br /> -Attachment(s). --- - - _ - - - - -
<br /> 1. Attachment"A" Comparative Statement of Net Position for December 2022.
<br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for December 2022 and 2021.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023.
<br /> 4. Supplement: "Disbursement of Revenue" (Informational)
<br /> Brief Sum mary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"A"):
<br /> Cash held by the Board ($4,441,889) was down -$1,596,622 (-26.44%) from the same
<br /> period last year, although the gap decreased from the prior month (-38.231/o). Although
<br /> inventory ($4,023,772) remained in excess of the prior year ($632,084, 18.64%), the volume
<br /> decreased from November(41.06%).
<br /> Decreases in cash are also the result of continued investments in capital spending. Total
<br /> property and equipment ($12,179,746) increased $151,294 (+1.26%) with the addition of the
<br /> new Southern Village location. Construction of the new store in Mebane($2,610,956)increased
<br /> $2,490,909 over last year, $2,333,804 of which has been funded to date with a loan from First
<br /> Horizon.
<br /> Trade accounts payable($1,325,922)decreased -14.15% (an indicator of a decline in
<br /> inventory ordering) while excise taxes ($850,572) increased 8.27%, reflective of increased
<br /> sales. Although not an expense to the Board, sales taxes to be remitted to the state/county
<br /> ($240,804) indicated a similar increase (7.40%).
<br /> Year to date income($864,728) decreased -$227,495 (-20.83%) from last year.
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2022 to 2021
<br /> (Attachment"B"):
<br /> With the addition of the new store in Southern Village, increased consumer holiday
<br /> shopping and a resurgence in orders from commercial/LBD customers, monthly sales in
<br /> December ($3,740,508) were the highest on record for Orange County ABC, up $286,338
<br /> (8.29%). Taxes were up accordingly (+8.23%) while cost of goods increased 10.07%, leaving
<br /> gross profit($940,938) up $43,404 (4.84%).
<br /> Payroll-related expenses ($374,283) increased 19.55%, primarily due to increased
<br /> wages paid (+$46,835, 20.82%) in response to elevated sales volumes. Accordingly, total
<br /> operating expenses ($140,587)were up 9.8%,due primarily to credit card processing/bank fees
<br /> ($62,626), up $10,550 (20.26%).
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