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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: June 20, 2023 Agenda Item #7 <br /> Regular Session X <br /> Closed Session_ <br /> Section 3 <br /> Operating expenses have been adjusted to reconcile actual expenses for the year. Store <br /> and office expenses (maintenance, supplies,utilities)have been increased as have credit card <br /> processing fees. Vehicle expenses and professional fees have decreased slightly. The net result <br /> of these changes is a decrease in working capitat/change in net position of-$89,025 (5.8%). <br /> The sum of increased revenues and expenditures from operations is an increase to <br /> working capital/change in net position of$343,425. <br /> Section 4 <br /> Capital expenditures have been amended to reconcile expenditures at Southern Village <br /> and increase the amount spent on refrigerated coolers and debt service (First Horizon). <br /> Additionally,the Roxboro Savings account(working capital retained from previous fiscal years) <br /> has been adjusted to reflect more accurately the amount of funds used to pay for capital <br /> expenditures and debt service. The net result of these changes is a credit to working capital <br /> retained/change in net position of$15,710. <br /> 2. Revised Annual Budget/Worksheet for Fiscal Year 2023 (Attachment"B"): <br /> The revised annual budget worksheet shows the original fiscal year budget and changes <br /> related to the mid-year and year-end amendments. Mid-year changes are in blue font while year- <br /> end revisions are in violet. Total increases to working capital/change in net position are recorded <br /> in green font and total decreases in red. <br /> it <br /> Action Requested: <br /> 1. Review and discuss as needed. <br /> 2. Vote approval of budget amendment. <br /> i <br /> Financial Impact: See Above <br /> Staff Recommendations/Comments: None <br /> Page 2 of 5 pages <br />