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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 /> 4. DISTRIBUTIONS OF INCOME[cont'd]
<br /> 2023 2022
<br /> Net income before profit distribution $ 1,905,540 $ 2,483,913
<br /> Less:amount retained for capital improvements,construction-in-
<br /> progress,and reserve for longevity pay and contingencies 1,205,540 1,953,913
<br /> Amount Distributed to Orange County $ 700,000 $ 530,000
<br /> The ABC Board made distributions to Orange County for the years ended June 30, 2023 and 2022, in the
<br /> amounts of$700,000 and$530,000,respectively.
<br /> 5. LAW ENFORCEMENT AND ALCOHOL EDUCATION EXPENSES
<br /> The ABC Board is required by law to expend not less than 5% of its profits for law enforcement and not less
<br /> than 7% of its profits for education on the excessive use of alcoholic beverages and for rehabilitation of
<br /> alcoholics. Profits are defined by law for these calculations as change in net position before law enforcement
<br /> and educational expenses, less the 3-1/2% markup provided in NC G.S. I8B-804(b)(5) and the bottle charge
<br /> provided for in NC G.S. 18B-804(b)(6b).
<br /> 2023 2022
<br /> Income before required distributions $ 2,325,540 $ 2,886,913
<br /> Less: 3-1/2%tax and bottle charge 865,571 835,384
<br /> Profit subject to expense percentages $ 1,459,969 $ 2,051,529
<br /> Law enforcement expenses $ 168,000 $ 166,000
<br /> Percentage of profit 11.5% 8.1%
<br /> Minimum authorized 72,998 102,576
<br /> Alcohol education and rehabilitation expenses $ 252,000 $ 237,000
<br /> Percentage of profit 17.3% 11.6%
<br /> Minimum authorized 102,198 143,607
<br /> 6. DISBURSEMENT OF TAXES INCLUDED IN SELLING PRICE
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<br /> A state excise tax, at the rate of 30% on the retail (net sales) price, is charged monthly on liquor sales
<br /> (excluding wine sales). Transactions for this account for the years ended June 30, 2023 and 2022, are
<br /> summarized as follows:
<br /> 2023 2022
<br /> Taxes payable,July 1,2022 and 2021 $ 504,026 $ 490,891
<br /> Taxes collected during the years ended June 30,2023 and 2022 6,760,808 6,509,663
<br /> Taxes remitted to NC Department of Revenue 6,723,700 6,496,528
<br /> Taxes Payable $ 541,134 $ 504,026
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