2023c ABC Board Minutes - Laserfiche WebLink

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i I ORANGE COUNTY ABC BOARD—AGENDA FORM i Meeting Date: May 23, 2023 Agenda Item#6 Regular Session X Closed Session Presenter/Information Contact: Ron McCoy Subject: Draft BUDGET for Fiscal Year 2024 I Attachment(s): 1. Attachment"Page 4"Worksheet(Multi-Year Comparison) 2. Attachment"Page 5" Capital Improvement Plan 3. Attachment"Page 6" Annual Budget(Draft) 4. Attachment"Page 7" Annual Budget Ordinance (Draft) i Brief Summary/Explanations: i Current Year(2023) Using sales and expenses for the current year through the end of April combined with May and June figures from the previous year, we have forecasted FY 2024 numbers. Once sales for May 2023 are known,the final draft of the FY 2024 budget may be adjusted to project future sales more accurately. Sales are expected to trend downwards in the coming fiscal year, although sales at the new Mebane and Southern Village stores are expected to increase. Therefore,we have projected overall sales to increase a modest 0.86%. As payroll and operational expenses continue to increase, we anticipate a decline in profitability. 1. Attachment"Page 4"Worksheet(Multi-Year Comparison) The attached multi-year worksheet spans six fiscal years (2018-2023). 2018-2019 (shaded gray) are two years prior to the pandemic. 2020-2022 (shaded orange) are the pandemic-era years while the current fiscal year(2023) is shaded green. 2018 is used as the"base"year and annual percentage increases/decreases are noted for the following years. Income Sales revenues increased considerably during the pandemic era. While sales have remained elevated in the early part of the current fiscal year, sales have begun to slow down. Sales for 2023 are expected to reach $30,802,245, up 2.50% from the previous year. Sales for FY 2024 are projected to reach $31,068,195 (up +0.86%), due primarily to expected increases in Southern Village and Mebane. Page 1 of 7 pages I