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ORANGE COUNTY ABC BOARD—AGENDA FORM
<br /> Meeting Date: January 21,2025 Agenda Item# 5
<br /> Regular Session X
<br /> Presenter/information Contact: Ron McCoy
<br /> Subject: NOVEMBER 2024 Monthly Financial Reports
<br /> Attachment(s):
<br /> 1. Attachment"Comparative Statement of Net Position for November 2024".
<br /> 2. Attachment "Comparative Statement of Revenues, Expenses and Changes in Net Position
<br /> for November 2024 and 2023."
<br /> 3. Attachment"Comparative Statement of Monthly/Year-to-Date Retail Sales by Store."
<br /> 4. Attachment"NC Statewide Report of Spirituous Liquor Sales."
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<br /> Brief Summary/Explanations:
<br /> 1. Comparative Statement of Net Position (Attachment"Page 3"):
<br /> Total cash held by the Board($3,683,126)declined-$327,351 (-8.16%), due in part to
<br /> capital outlayfor the of the new e purchase warehouse truck($128,035) and warehouse racking
<br /> ($23,873).Total inventory ($5,211,293) decreased -$14,295 (-0.27%) as did related trade accounts
<br /> payable($1,460,465, -$307,474, -17.39%).Taxes and payroll liabilities ($1,104,616) increased
<br /> $68,448 (6.61%). Year-to-date income ($18,047) decreased significantly (-382,994, -95.50%).
<br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023
<br /> (Attachment"Page 411):
<br /> Total sales(including wine and barrels)for the month($2,956,773)were up$56,840(1.96%).
<br /> Taxes ($684,042) increased 1.72% while cost of sales ($1,558,391) decreased -0.37%, leaving an
<br /> increase in gross profit of$51,043 (7.70%).
<br /> Total payroll expenses ($451,248) increased $150,680 (50.13%) over the previous year, due
<br /> in part to increases in wages ($118,488), payroll taxes ($7,331) and retirement expenses ($13,304).
<br /> These increases were due to an additional off-cycle pay period(retention pay,paid on"Black Friday")
<br /> that was paid in the first week of December in the previous year(2023).
<br /> Operating expenses ($138,207) increased $5,181 (3.89%), with increases in credit card fees
<br /> ($3,991) and rent($2.559) offset by savings in professional fees (-$4,523).
<br /> Miscellaneous income ($5,035) included capital gains on the disposal of the old, fully
<br /> depreciated warehouse truck($5,000) used as a trade-in towards the purchase of the new truck.
<br /> With the increase in payroll expenses, net income (after depreciation)for the month
<br /> (420,179)decreased-$111,243 (422.16%).
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