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ORANGE COUNTY ABC BOARD —AGENDA FORM <br /> Meeting Date: April 18, 2023 Agenda Item#4A <br /> Regular Session X <br /> Closed Session <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: March 2023 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for March 2023. <br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for March 2023 and 2022. <br /> 3. Attachment "C"Actual to Budget Comparison, FY 2023. <br /> Brief Summary/Explanations: <br /> i <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Total cash held by the Board($4,144,093) increased by $390,635 (10.41%). Inventory <br /> ($4,167,239) increased $342,250 (8.95%), due primarily to stock purchased to accommodate <br /> the new Mebane store.Despite the increase in inventory volume, accounts payable($1,342,676) <br /> declined by-$162,161 (-10.78%). <br /> Long-term liabilities ($4,178,922) remain 106.27%higher than last year, due to the <br /> note payable to First Horizon for the construction of the new Mebane store. <br /> Year to date income ($1,050,204) was down-$432,019 (-29.15%) from the elevated <br /> levels of the previous year. <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022 <br /> (Attachment`B"): <br /> Total sales for the month ($2,585,392) increased $142,482 (5.83%). With taxes <br /> ($604,793) and cost of sales ($1,283,495) up respectively, gross profit ($697,104) was up <br /> 6.19%. <br /> Payroll-related expenses($310,307)were up$75,632(32.23%)due primarily to March <br /> having three pay periods. Employer retirement costs ($28,329) increased $13,128 (86.36%) <br /> while 401-matching expenses increased $3,762 (109.36%) from the previous year. <br /> Total operating expenses ($137,100)increased$24,441 (21.69%). This was due in part <br /> to increased store expenses (+$4,165) and warehouse expenses (+$4,125) related to opening <br /> the new Mebane store. Credit card processing fees increased$5,193 while conference expenses <br /> increased training costs by$3,036. Interest on leases($3,548)and lease amortization($20,507) <br /> increased with the implementation of GASB 87. <br /> Net income for the month was $122,478, down-$72,279, (-37.11%). <br /> Page 1 of 6 pages <br />