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i <br /> ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: May 20,2025 Agenda Item # 4 <br /> Regular Session X <br /> Ii <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: APRIL 2025 Monthly Financial Reports <br /> I <br /> I <br /> Attachment(s): <br /> 1. Attachment"Comparative Statement of Net Position for April 2025". <br /> 2. Attachment"Comparative Statement of Revenues,Expenses and Changes in Net Position for April <br /> 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 /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"Page 311): <br /> Total cash held by the Board($4,045,834) increased $264,029 (6.98°/u), due primarily to <br /> cost-saving measures taken by the staff. Inventory levels ($4,230,008) continued to decline, down <br /> -$280,991 (-6.23%). Trade accounts payable were down accordingly, -$205,825 (48.87°/u). <br /> Income for the year-to-date ($60,700)was down-$446,965 (-88.04%). <br /> 2. Comparative Revenue,Expenses and Changes in Net Position 2024 to 2023 <br /> (Attachment"Page 4"): <br /> Although sales decreased for a fifth consecutive month,the decline in April was modest with <br /> retail sales ($2,038,510) down -$17,175 (-0.84%) and LBD sales($458,988) down -$12,080 <br /> (-2.56%). While payroll expenses ($297,435, -10.86%) and operating expenses ($123,794, -15.25%) <br /> were down,resulting in a net income increase of+$43,496.However, income after depreciation(a <br /> non-budget item)was a net loss of-$5,278. <br /> Total year-to-date sales ($25,454,777)remained down for the year, -$858,421 (-3.6°/u). <br /> I <br /> i� <br /> 3. "Actual to Budget Comparison for FY 2025" (Attachment"Page 511) <br /> With 16.66% of the fiscal year remaining, sales continued to be approximately 3.38% lower <br /> than projected. Payroll expenses had a surplus balance of approximately 7.42% of allocated funds <br /> while operating expenses had a surplus balance of approximately 3.57%above expected. <br /> Revenues and expenses will be adjusted in a year-end budget amendment in June. <br /> Page 1 of 7 pages <br />