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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> I <br /> Meeting Date: June 20, 2023 Agenda Item# 5a <br /> Regular Session X <br /> Closed Session <br /> I <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: May 2023 Financial Reports <br /> Attachment(s): <br /> 1. Attachment"A" Comparative Statement of Net Position for May 2023. <br /> 2. Attachment "B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for May 2023 and 2022. <br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023. <br /> I <br /> Brief Summary/Explanations: <br /> i <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Increased sales for the month of May were reflected with increases in total cash held by <br /> the Board ($4,224,201, +4.65%) and inventory ($4,524,922, up 16.440/0). Liabilities were up <br /> accordingly, with accounts payable ($1,681,635) up 20.37% and taxes due ($961,704) up <br /> 11.45%. <br /> Increased expenses related to the opening of two new stores as well as elevated payroll- <br /> related costs have resulted in a decline in year-to-date income ($1,146,017), down <br /> -34.15%. <br /> i <br /> i <br /> i <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022 <br /> (Attachment"B"): <br /> While total sales for the month ($2,608,934) were up 8.45%, increases in taxes <br /> ($48,104,+8.57%)and costs of sales($1,385,88,+14.68%)resulted in a decline in gross profit <br /> (-$22,230, -3.50%). <br /> Payroll-related expenses ($290,563) were up 17.37% (+$43,003) while operating <br /> expenses ($147,201)were up 16.67% (+$21,032). Elevated expense levels combined with the <br /> decline in profit resulted in an overall decrease in net income ($45,097), down -69.44%. <br /> Page 1 of 5 pages <br />