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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: January 21,2025 Agenda Item #8 <br /> Regular Session X <br /> Closed Session_ <br /> I <br /> Presenter/Information Contact: Ron McCoy <br /> I <br /> Subject: Mid-Year Budget Amendment for Fiscal Year 2025 <br /> Attachment(s): <br /> 1. Attachment: "Mid-Year Budget Amendment FY 2025" <br /> 2. Attachment: "Revised Annual Budget/Worksheet for Fiscal Year 2025" <br /> I <br /> Brief Summary/Explanations: <br /> i <br /> 1. Mid-Year Budget Amendment for Fiscal Year 2025: <br /> i <br /> The following revisions to the annual budget for fiscal year 2025 are recommended for the <br /> Board's consideration and approval based on examination of the budget at mid-year(12/31/2024). <br /> Sales to date were less than 1.00%above those projected as were related expenses (taxes and <br /> cost of sales).Budgeted funds for payroll expenses had a surplus of approximately 2.17%at mid- <br /> year.Therefore, neither sales nor payroll were adjusted as part of this amendment. <br /> Section 1 <br /> Projected expenses for repairs and maintenance for buildings and equipment have been <br /> decreased(47,000, -$2,813). Professional fees for legal and audit services have been decreased <br /> (-$4,000)as have credit processing fees(47,000)and vehicle expenses (45,000). <br /> Expenses for uniforms (+$3,200)and cash over/short(+$500)have been increased. <br /> The net impact on working capital retained/change in net positions is an increase of$22,113. <br /> I <br /> Section 2 <br /> Previously allocated funds for the new warehouse delivery have been increased(+$2,636). <br /> Additionally,a net capital gain of$5,000 based on the trade-in value of the old warehouse truck has <br /> been added to the budget. Funds intended for security camera upgrades have been decreased <br /> (-$25,000) as these capital improvements have been postponed to the next fiscal year. <br /> A replacement inventory hand scanner for Store 002 has been added to the budget(+$2,090). <br /> New warehouse storage racking ($23,875)has been added to the budget as well. <br /> New display shelving has been added to the budget to accommodate increased consumer <br /> demand for canned products at Stores 002, 003, 004, 007 and 010 (total: +$23,512). <br /> The net impact on working capital retained/change in net positions is a decrease of$22,113. <br /> Page 1 of 4 pages <br />