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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD
<br /> (a component unit of Orange County Government)
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> June 30,2023 and 2022
<br /> 3. DETAIL NOTES ON ALL FUNDS[cont'd]
<br /> Significant Lease Transactions[cont'd]
<br /> Lease payments under present arrangements are as follows:
<br /> Total
<br /> Year Ending June 30: Principal Interest Payments
<br /> 2024 $ 224,276 $ 40,764 $ 265,040
<br /> 2025 231,734 35,300 267,034
<br /> 2026 227,381 29,666 257,047
<br /> 2027 173,692 24,913 198,605
<br /> 2028 189,574 20,599 210,173
<br /> Thereafter 754,044 35,124 789,168
<br /> Total $ 1,800,701 $ 186,366 $ 1,987,067
<br /> Vacation and Sick Leave Compensation
<br /> ABC Board employees hired prior to July 1, 1997, may accumulate up to twenty-four (24) days of earned
<br /> vacation;employees hired on or after July 1, 1997, may accumulate up to twenty(20)days of earned vacation
<br /> and such leave is fully vested when earned. Accrued vacation, as of June 30, 2023 and 2022, amounted to
<br /> $73,388 and$53,790,respectively.
<br /> Employees can accumulate an unlimited amount of sick leave. Sick leave does not vest, but unused sick leave
<br /> accumulated at the time of retirement may be used in the determination of length of service for retirement
<br /> benefit purposes. Since the ABC Board has no obligation for accumulated sick leave until it is actually taken,
<br /> no accrual for sick leave has been made.
<br /> 4. DISTRIBUTIONS OF INCOME
<br /> NC G.S. 18B-805(e)requires that the minimum distribution set aside in(c)(i),plus any profit remaining after
<br /> deducting amounts required for law enforcement, education, and retaining proper working capital, be paid
<br /> quarterly to the City and County units. There is a verbal agreement with Orange County to distribute$500,000
<br /> for the years June 30,2023 and 2022. The agreement allows for an additional distribution, at the discretion of
<br /> the ABC Board, based on profits estimated through year end. Consideration is given to a pending capital
<br /> outlay for construction in progress, capital improvements, longevity pay, payroll wage increases, and other
<br /> financial obligations of the ABC Board. Any possible additional distribution is paid in June. Actual profit
<br /> withheld by the ABC Board for the years ended June 30, 2023 and 2022, was $1,205,540 and $1,953,913,
<br /> respectively. This is to increase net assets for anticipated capital improvements, construction-in-progress, and
<br /> reserve for longevity pay and contingencies as allowed by the state as follows:
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