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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: March 25,2025 Agenda Item #5 <br /> Regular Session X <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: FEBRUARY 2025 Monthly Financial Reports <br /> Attachment(s): <br /> 1. Attachment"Comparative Statement of Net Position for February 2025". <br /> 2. Attachment "Comparative Statement of Revenues, Expenses and Changes in Net Position for <br /> February 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." <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"Page 3"): <br /> Cash held by the Board in February ($3,007,944) declined significantly, down -$1,003,016 <br /> (-25.01°/u), due in part to a decline in sales and cash already paid out for payables due, reflected in a <br /> sharp decrease in trade accounts payable (4659,824), down -46.21%. Inventory held by the Board <br /> ($5,028,510)remained elevated,however,up 7.98%. <br /> Other current liabilities reflected decreased sales for the month (excise taxes, -11.23%and <br /> sales taxes, -10.601/o) and well as calendarization(one less workday resulting in a decline in payroll <br /> accruals of-4.85%). <br /> Income for the year-to-date ($110,305)was down -81.35%. <br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"Page 411): <br /> Total sales for the month($2,178,119)were down -$273,196 (-11.14%), due primarily to <br /> calendarization.February 2024 was a"leap year,"with 29 days(25 of which stores were open versus <br /> this year's 24.) February sales in the current year were also affected by adverse weather conditions <br /> with two bouts of snow causing early store closings and late openings. Decreased sales resulted in a <br /> -$87,851 decline (43.96%) in gross profit. <br /> Total payroll expenses ($301,184) increased $6,989 (+2.38°/u), due to increases in wages <br /> ($12,241), offset by savings in health insurance (-$6,846). Total operating expenses ($127,550) <br /> decreased -$2,151 (-1.66%), despite weather-driven increases in utilities(+$4,124). <br /> The decline in gross profit from sales, coupled with increases in statutory distributions <br /> (+$3,114 and+$2,500) and depreciation (+$6,285)resulted in a deficit in net profit of-$37,851, <br /> down-$103,177 (-157.94%) from the previous year. <br /> I <br /> Page 1 of 7 pages <br />