2023a ABC Board Minutes - Laserfiche WebLink

Browse Search

ORANGE COUNTY ABC BOARD—AGENDA FORM Meeting Date: February 21,2023 Agenda Item # 7a Regular Session X t Closed Session_ Total operating expenses ($121,352) increased $14,701 (13.78%), due primarily to increases in lease amortization (+$20,507), utilities (+$3,548), contract services ($3,277) and interest on leases ($3,622). These increases were offset somewhat by declines in rent (-$12,481), legal and audit services (-$2,427) and interest on debt services(-$4,778). Total increased expenses ($94,708) in conjunction with a net increase in profit of $20,885, contributed to a decline in net income of-$88,787. Following depreciation expenses of$34,691, total income for the month was -$19,950, down-$86,670 from the previous year. I 3. Actual to Budget Comparison for Year-to-Date 2023 (Attachment"C"): While revenues and expenses are not evenly distributed throughout the fiscal year,with five months outstanding, approximately 41.67% should be remaining in allocated funds. Although January saw a downturn in retail store sales, revenues for the year remain 5.14% above those budgeted. As sales in the "winter"quarter are expected to continue to "soften,"this overage is projected to decrease somewhat. January was a higher-than-expected period in payroll expenses. As a result,year-to-date payroll expenses are currently 4.56%higher than expected. Payroll expenses are anticipated to decline in the slower sales months as well. Total operating expenses are presently 2.39% above those projected for the year, with credit card processing fees continuing to trend higher than expected. Store expenses for the year are approximately 6.59%higher while office expenses are up 14.78%. Action Requested: 1. Consent Agenda Item. 2. Review and discuss as needed. Financial Impact: See Above Staff Recommendations/Comments:None it I III Page 2 of 6 pages