|
i
<br /> 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 /> 9• WORKING CAPITAL REQUIREMENTS
<br /> The ABC Board is required by Rule .0902 to set its working capital requirements at not less than two (2)
<br /> weeks of average gross sales of the latest fiscal year. Gross sales are gross receipts from the sale of alcoholic
<br /> beverages,less distributions,as defined in NC G.S. 1813-805(b)(2), (3),and(4).
<br /> The ABC Board's position on this requirement is as follows:
<br /> 2023 2022
<br /> Minimum amount $ 919,582
<br /> Actual working capital $ 885,538
<br /> Maximum amount 4,139,142 4,205,505
<br /> 5,977,283 5,755,994
<br /> The ABC Board has met the minimum amount of working capital required by ABC law.
<br /> 10. LAW ENFORCEMENT EXPENSE
<br /> All law enforcement activities are performed by the Orange County Sheriff Department, the Town of Chapel
<br /> Hill Police Department, the Town of Carrbom Police Department, the Town of Hillsborough Police
<br /> Department, and the UNC Police Department. Expense for the years ended June 30, 2023 and 2022, was
<br /> $168,000 and$166,000,respectively.
<br /> It. BREAKAGE
<br /> Breakage expense for the years ended June 30,2023 and 2022,was$12,685 and$10,930,respectively.
<br /> 12. DEPRECIATION EXPENSE
<br /> Depreciation expense for the years ended June 30,2023 and 2022, was $423,518 and$441,312, respective The expense is summarized as follows: ly.
<br /> 2023 2022
<br /> Store selling expenses $ 321,718
<br /> Warehouse and delivery expenses $ 317,630
<br /> Administrative expenses 61,496 79,770
<br /> 40,304 43,912
<br /> $ 423,518 $ 441,312
<br /> I
<br /> 13. INTEREST EXPENSE
<br /> Interest expense for the years ended June 30,2023 and 2022,was$60,793 and$87,726,respectively.
<br /> i
<br /> i
<br /> -30
<br /> I
<br />
|