Clay County’s ABC store had such a good year, an extra $150,000 will be given to the county at the end of the fiscal year June 30. That is in addition to the quarterly distributions of $21,250 to the county, $3,500 to the Clay County Sheriff’s Office and $9,000 to Hinton Center for alcohol education. ABC stores are required by North Carolina Alcohol Beverage Control Commission laws to make quarterly distributions.
ABC board finance officer, Olivia Anderson, presented the proposed 2020-2021 budget, as well as the profit and loss statement for May 2020. Estimated revenues for 2020-2021 are projected at $2,977,500 and total expenses, distribution and reserves are also projected at $2,977,500. Costs of goods sold are estimated to be $1,596,000 and taxes based on revenue will be $683,600. Salaries and wages will be $282,000, retirement will be $22,000, group insurance will be $38,000 and payroll taxes will be $24,500.
Other operating expenses include credit card fees of $42,000, store and office supplies of $12,000, maintenance agreements of $8,000, $12,000 of utilities and more. Capital outlay funds of $90,000 were allocated for capital outlay building improvements on the store entrance foyer. Projected profit distributions for fiscal year for 2020-2021 were set as $85,000 to Clay County, $18,000 for alcohol education and $14,000 to the Clay County Sheriff’s Office. The budget will be presented to the county as approved by the ABC board.
Total income for May 2020 was $320,578.34, which was $76,619.50 more than May 2019, a 100 percent increase. After the cost of goods sold, May 2020 gross profit was $74,120.74, while May 2019 gross profit was $57,851.85. After administrative and store expenses, May’s net income was $40,051.26. That’s $14,836.51 or 12.5 percent more than the May 2019 net income. Anderson added, “This was possibly the biggest month ever at ABC.”
ABC board chairman Tommy Moore said, “It has been an outstanding year at the ABC store.” Anderson said the Hayesville store has seen an average increase of $25,000 a month for about two years. The current year’s budget will need to be amended to reflect the increase in sales. “We have to be within two percent of sales,” she explained. “Whether it is two percent over or under.”
ABC store manager Denny Patterson agreed the Hayesville store has been busy. During the May meeting, Patterson had reported sales had been high due to coronavirous and all employees had been working an increased workload when many people are forced to stay home.
The board also received letters from Hinton Center Community Engagement Coordinator Ricky Hill, detailing how monies presented to them were used. The $4,500 presented in Dec. 2019 helped support the Clay County Sheriff’s Office. Another $9,000 was presented. That money was used to purchase $8,100 worth of billboard advertising for a moderation campaign throughout the area. The remaining $900 paid for administrative and processing fees. Patterson reported the ABC Commission representative feels the billboards are a wonderful idea.
The next scheduled meeting of the Clay County ABC board is at 5 p.m. Tuesday, Aug. 11 in the Clay County Building Inspector’s meeting room at the county’s administrative offices.