Orange County NC Website
Browse       Search
ORANGE COUNTY ABC BOARD—AGENDA FORM <br /> Meeting Date: August 22, 2023 Agenda Item# 6a <br /> Regular Session X <br /> Closed Session <br /> - I <br /> Presenter/Information Contact: Ron McCoy <br /> Subject: July 2023 Financial Reports <br /> I <br /> Attachment(s): <br /> 1. Attachment"A"Comparative Statement of Net Position for July 2023. <br /> 2. Attachment `B" Comparative Statement of Revenues, Expenses and Changes in Net <br /> Position for July 2023 and 2022. <br /> 3. Attachment"C"Actual to Budget Comparison, FY 2023. <br /> Brief Summary/Explanations: <br /> 1. Comparative Statement of Net Position (Attachment"A"): <br /> Total cash held by the Board in July ($3,999,057) increased $209,543 (5.53%) over the <br /> previous year. Inventory ($4,399,446) increased $310,414 (7.59%) in response to continually <br /> elevated sales levels and the addition of the Southern Village and the new Mebane stores. <br /> Payable liabilities ($1,802,107) increased $526,705 (41.30%), an indicator of elevated <br /> inventory volumes. Long-term liabilities increased by $245,500 (6.34%) due primarily to the <br /> First Horizon loan on store 004(Mebane). Income for the month/year was $47,643, down <br /> -$60,102 (-55.78%). <br /> 2. Comparative Revenue, Expenses and Changes in Net Position 2023 to 2022 j <br /> (Attachment"B"): <br /> Retail store sales for the month ($1,961,761) were up modestly (0.51%). LBD/commercial <br /> sales declined slightly(4.15%) due primarily to the onset of the summer vacation season. All <br /> store liquor sales were down from the previous year except for Store 004(Mebane),up$85,121 <br /> (43.80%) and Store 008 (Southern Village), up $65,058 (100%) (see agenda item 5b). Total <br /> sales for the month/year($2,298,037) increased 0.26%. <br /> Payroll(+0.97%) and operating expenses (+0.18%)were virtually unchanged from the <br /> previous year. <br /> Cost of goods/sales increased substantially, up $50,459 (+4.44%). This increase <br /> significantly affected net income for the month ($47,643 after depreciation), a decrease of <br /> -$60,102 (-55.78%). <br /> i <br /> r <br /> Page 1 of 5 pages <br /> I <br />