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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: February 18,2025 Agenda Item#5
<br /> Regular Session X
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<br /> Presenter/Information Contact: Ron McCoy
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<br /> Subject: JANUARY 2025 Monthly Financial Reports
<br /> Attachment(s): j
<br /> 1. Attachment"Comparative Statement of Net Position for January 2025".
<br /> 2. Attachment "Comparative Statement of Revenues, Expenses and Changes in Net Position for
<br /> January 2025 and 2024."
<br /> 3. Attachment"Actual to Budget Comparison for FY 2025."
<br /> 4. Attachment"Comparative Statement of Monthly/Year-to-Date Retail Sales by Store."
<br /> 5. Attachment"NC Statewide Report of Spirituous Liquor Sales."
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<br /> Brief Summary/Explanations:
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<br /> 1. Comparative Statement of Net Position (Attachment"Page 3"):
<br /> Cash held by the Board in January totaled $3,358,924 remained nearly unchanged from the
<br /> previous year(-0.28%). Product inventory, however($5,360,488) increased$906,877 (20.36°/u), due
<br /> in part to the expansion of storage facilities in the warehouse along with a decline in sales.
<br /> The costs associated with the increase in inventory were reflected in an increase in trade
<br /> accounts payable ($1,482,977), up$718,955 (94.10%). Total taxes and payroll liabilities increased
<br /> by$50,445 (5.94%), due primarily to the increase in payroll liabilities ($82,241)accrued in January
<br /> but paid in February.
<br /> Year-to-date income ($147,747)decreased significantly, down-$378,442 (-71.92%)from the
<br /> previous year.
<br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment"Page 411):
<br /> Retail/store sales for January ($1,823,383) decreased -$21,773 (-1.18%)while commercial
<br /> sales ($361,128) decreased -$11,680 (-3.13%). Taxes and costs of sales decreased relatively, leaving
<br /> gross profit of$551,780 (25.24%), down -$16,899 (-2.97"/u).
<br /> Payroll expenses for the month ($333,748)were up $12,607(3.93%). Total operating
<br /> expenses ($140,343) increased$8,995 (6.85°/u), due to increases in equipment repairs and
<br /> maintenance (+$5,511) and store expenses (+$2,185).
<br /> Income prior to distributions ($79,556, 3.64%)was down -$37,048 (-31.77°/u). Income for the
<br /> month(prior to depreciation)was -$30,027, down -$42,661.Net profit for the month was -3.33%.
<br /> Total retail sales for the year($15,701,297)were down -$112,762(-0.71%)while LBD year-
<br /> to-date sales ($2,694,784)were down-$203,002 (-7.01%).
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