We’re having the best months we’ve ever had,” Clay County’s ABC store manager, Denny Patterson said during the Tuesday, Oct. 13 board meeting. “As a matter of fact, July and August sales provided the store with its best months since the store opened several years ago, according to ABC board finance officer Olivia Anderson.”
Her financial report for August and September confirmed these statements. July was reported at the August board meeting and reflected in the October minutes.
Total income for Au- gust 2020 as $321,240.97, which was $62,267.26 more than August 2019 sales of $258,973.71. After the cost of goods sold, August 2020 gross profit was $83,585.59, while August 2019 gross profit was $67,569.61, a 26 percent increase.
After expenses, the Au- gust 2020 net income was $43,047.87, a 13.4 percent increase over the August 2019 net income of $30,834.58.
September 2020’s total income of $298,326.55 was $81,075.32 more than the September 2019 total income of $217,251.23. Clay County’s ABC quarterly distributions have regularly been $4,500 and $3,500 for alcohol edu- cation and law enforcement. These were made in September 2020. In addition, the board made $21,500 in profit distributions in September. Once distributions were added to the costs of goods sold and various expenses, including salaries, wages, insurance, utilities and more, September 2020 net income was $8,450.59, which is $14,312.30 over the September 2019 net income of negative $5,861.71.
According to the August meeting minutes, July sales were $331,364, which was up 27 percent from 2019. June was up 38 percent with $310,843 in sales. Plus, a profit distribution of $171,250 was given to Clay County in June.
Anderson also presented the annual audit report by Turner and Company, independent auditors in Murphy. The audit was good, with no corrections needed. “Assets exceeded liabilities by $811,197,” she said. “Approximately 13.7 percent of profits were expended for law enforcement and only five percent is required.” Alcohol education is only required to be paid seven percent, but the ABC board gave more for that.
During his manager’s report, Patterson said the store has had a hard time getting products, despite the increased business volume. “It’s all over the state,” he explained. “Christmas products are starting to arrive so we will see how many of them we get.”
Other information shared by Patterson was:
• He suggested buying a cardboard baler since they have so many boxes to flatten.
• The electric doors planned for the front of the store would have to wait until business decreases.
• Having new insulation and LED lights has lowered the store’s power bills.
Board member Buck Shaver suggested the board consider installing 3-phase power since the utility poles are closer from road construction. His business saves a lot of money by using it.
Patterson will acquire quotes from Blue Ridge Mountain EMC about installing 3 phase power.
The Clay County ABC board meets bi-monthly in the Clay County Building Inspector’s meeting room. The next meeting will be at 5 p.m. Tuesday, Dec. 8.