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ORANGE COUNTY ABC BOARD—AGENDA FORM
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<br /> Meeting Date: October 17,2023 Agenda Item # rJa
<br /> Regular Session X
<br /> Closed Session_
<br /> Presenter/Information Contact: Ron McCoy
<br /> Subject: September 2023 Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"A" Comparative Statement of Net Position for September 2023.
<br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net
<br /> Position for September 2023 and 2022.
<br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023.
<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"A"):
<br /> Cash assets held by the Board ($3,660,029) decreased by -$173,189 (452%).
<br /> Inventory($4,984,009) increased significantly, up $709,474(16.60%), due in part to increases
<br /> at the new Mebane and Southern Village stores.
<br /> Construction in progress in 2022 ($2,332,835) decreased in full, replaced by
<br /> $3,270,727 in increased property assets.
<br /> Liabilities for accounts payable ($1,488,182) increased 13.19%, due to elevated
<br /> inventory purchases (+$226,643). Total tax and payroll liabilities ($924,941) increased
<br /> $76,815 (9.06%).
<br /> Year-to-date income ($224,875) decreased by -$48,075, down -17.61% from the
<br /> previous year.
<br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022
<br /> (Attachment"B"):
<br /> Total sales for the month ($2,600,688) increased 2.41% (+$61,306). Sales-related
<br /> taxes increased 2.19%, although cost of sales improved a modest 0.04% ($563), resultin in a
<br /> net increase in gross profit of$47,734, (7.43%). g
<br /> Payroll-expenses ($386,694) increased substantially ($103,373, 36.49%) due to three
<br /> payroll periods in September of the current year.
<br /> Total operational expenses ($146,685) increased$21,445 (+17.12%), primarily due to
<br /> escalations in utilities ($6,068), credit card fees ($5,731), training/conference expenses
<br /> ($3,020) and equipment repairs ($2,429).
<br /> Net income after depreciation was $17,985, down -$90,112 (-83.36%).
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