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ORANGE COUNTY ABC BOARD —AGENDA FORM
<br /> Meeting Date: May 23, 2023 Agenda Item # 4a
<br /> Regular Session X
<br /> Closed Session
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: April 2023 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for April 2023.
<br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for April 2023 and 2022.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment "A"):
<br /> Total cash held by the Board in April ($4,288,846) increased $313,776 up 7.89% from
<br /> the previous year. Inventory levels ($4,303,083)remained elevated,up$544,548 (14.49%), due
<br /> in part to increased capacity at the new Mebane store. Property and equipment assets
<br /> ($12,379,076) increased 2.89% ($347,674) with the addition of new furniture, fixtures and
<br /> equipment (FFE) at the new Mebane store. $2,878,306 remained in "construction in progress"
<br /> to be reclassified to a "building" asset upon final payments to Racanelli Construction.
<br /> Liabilities for accounts payable ($1,518,776) increased by $119,747 (8.56%), due
<br /> primarily to increased inventory levels. Long-term liabilities ($4,175,568) increased by
<br /> $1,8 19,758 with the note payable due to First Horizon for construction of the new Mebane store.
<br /> Year to date income ($1,100,920) remained down (-$491,811, -30.88%) from the
<br /> previous year.
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022
<br /> (Attachment"B"):
<br /> By comparison with the elevated levels of the pandemic period, sales in FY 2023 have
<br /> been expected to decrease. The anticipated downturn was evident in April with retail store
<br /> sales ($2,051,475) down -4.66% and commercial LBD sales ($459,743) down -5.07%.
<br /> Total payroll expenses ($296,085) were up 3.52%. Total operating expenses
<br /> ($138,826), however, were up $36,318 (35.43%), due primarily to increases in lease
<br /> amortization(+$20,507),store expenses(+$9,241),credit card expenses(+$5,958),repairs and
<br /> maintenance ($4,540) and lease interest (+$3,548).
<br /> Monthly net income after depreciation($49,871) decreased significantly (-$60,637,
<br /> -54.87%). Total year-to-date sales ($26,109,759) increased $795,818 (3.14%).
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