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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 /> 3. Actual to Budget Comparison for Year-to-Date 2023 (Attachment"C"): <br /> A preliminary budget for fiscal year 2024 has been drafted. Year to date revenues and <br /> expenses for the current year(as well as historical trends) are considered when forecasting the <br /> coming year. Costs related to opening the new Southern Village and Mebane stores will not <br /> be a factor in 2024. However, increases in payroll expenses and inflated product costs will <br /> affect profitability. <br /> Although sales declined somewhat in April, overall sales for the year have remained <br /> above those expected, up approximately 5.42%. <br /> Payroll expenses continued to exceed those anticipated, up approximately 6.07%. <br /> Total operating expenses were up nearly 3.44%. <br /> Increases in sales revenues are projected to offset increased costs. Reconciliation of <br /> revenue and expenses accounts will be addressed in a year-end budget amendment to be <br /> presented to the Board in June. <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 /> Page 2 of 6 pages <br />