2023c ABC Board Minutes - Laserfiche WebLink

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I I ORANGE COUNTY ABC BOARD—AGENDA FORM I Meeting Date: June 20, 2023 Agenda Item # 7 Regular Session X Closed Session Presenter/Information Contact: Ron McCoy Subject: Year-End Budget Amendment for Fiscal Year 2023 Attachment(s): 1. Attachment"A"Mid-Year Budget Amendment 2. Attachment`B"Revised Annual Budget/Worksheet for Fiscal Year 2023 I Brief Summary/Explanations: i 1. Budget Amendment (Attachment"A"): The following revisions to the annual budget for fiscal year 2023 are recommended for the Board's consideration and approval based on examination of the budget at year-end. Section 1 Although retail store sales and LBD sales have moderated somewhat, sales have remained at a level on par with the record sales of the last fiscal year. Based on year-to-date sales volumes, the budget has been amended to reflect increases in sales and related expenditures (taxes and costs of sales). The net result of the year-end budget amendment is an increase to working capital/change in net position of$680,970. Section 2 i Payroll-related expenditures have been the most volatile and difficult to predict this year. The Board adopted the current Orange County Living Wage and raised overall wages to remain competitive in the current post-Covid work environment. Related costs (taxes and state retirement) increased accordingly. The budget has been adjusted to reflect these increases. With additional hiring of full-time employees, the cost of group health insurance has increased, resulting in year-end adjustment of$31,595 (7.47%). Additionally, the retiree insurance liability (calculated by actuarial)was unknown at the time of the original budget and has been adjusted to the proper amount. The net result of these changes is a decrease in working capital/change in I net position of-$248,520. I i Page 1 of 5 pages