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ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: April 22,2025 Agenda Item # 4 <br /> Regular Session X <br /> itPresenter/Information Contact: Ron McCoy <br /> Subject: MARCH 2O25 Monthly Financial Reports <br /> Attachment(s): <br /> 1. Attachment"Comparative Statement of Net Position for March 2025". <br /> 2. Attachment "Comparative Statement of Revenues, Expenses and Changes in Net Position for <br /> March 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 /> I <br /> i <br /> i <br /> Brief Summary/Explanations: <br /> For the fourth month in a row, sales for ABC boards statewide continued to decline.Although <br /> March had 26 business days in both the current and previous years,2024 had five full weekends (Fri-Sat). <br /> Liquor sales for 2025 are projected to continue to decline in the coming months as the effects of tariffs on <br /> imports are expected to take effect by late summer. <br /> 1. Comparative Statement of Net Position (Attachment"Page 311): <br /> Cash held by the Board($3,71.2,470)decreased -$338,979 (-8.37%), due primarily to <br /> declining sales revenues. Inventory ($4,623,214)was down -$116,903 (-2.47%) in response to sales <br /> falloff and proactive efforts by the warehouse staff.The decrease in inventory was reflected in a <br /> significant decrease in accounts payable(-$505,131, -37.69%). Excise taxes related to sales volume <br /> ($549,869)were down accordingly (-$48,499, -8.11%). <br /> Income for the year-to-date ($65,983)was down -$487,838 (-88.09%). <br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"Page 411): <br /> Store sales for the month($1,974,772)were down -$202,908 (-9.32%)while LBD sales <br /> ($404,964)were down -$13,612 (-3.25%). <br /> Payroll related expenses ($295,221)were down-$85,042 (-22.36%) from the previous year, <br /> due primarily to calendarization. Total operating expenses ($147,927)were nearly unchanged from <br /> the previous year(+0.64°/u). Increases in building repairs (+$16,352) reflected plumbing repairs to <br /> Store 001 and the office, window cleaning expenses for all stores as well as delayed snow and ice <br /> clearing billings from the previous month. Increases in vehicle expenses (+$3,613)were related to <br /> annual tags and registrations fees. <br /> Net income for the month before depreciation(41,342)was down-$3,743.Net profit after <br /> depreciation was a loss of-1.85%. <br /> Page I of 7 pages <br />