Wil Petty Staff Writer email@example.com
November 18, 2013
The West Jefferson Alcoholic Beverage Control continues to say in strong financial health, according to the board’s annual financial audit.
“The liquor store is in perfect shape and the audit has shown that,” said Tony Lyall, general manager of the West Jefferson ABC store. “That’s the reason we’re pretty proud of our audit. We’re making money and we’re doing really well.”
According to the audit, which was conducted by Boone-based Combs Tennant & Carpenter P.C. Certified Public Accountants, working capital at the ABC increased from $252,690 in 2012 to $287,877 this year.
Alongside analyzing taxes, contributions and assets, the audits also measure if the board is in line with the law.
“The financial audit is only done one time a year,” “We have a company that comes in and looks at our books and puts everything together.”
According to the audit, the ABC board has given $42,000 to the town of West Jefferson. Alongside the town profits, the board is required to give an additional 5 percent to law enforcement and 7 percent for alcohol education and rehab.
According to the audit, $3,404 was given to law enforcement while $4,766 was given for education.
The audit also stated how much the ABC board paid in taxes.
• Taxes Payable for July 1, 2012 totaled $27,626.
• Taxes collected during the year totaled $308,853
• Taxes remitted to the Department of Revenue totaled $309,157
• Taxes payable for June 30, 2013 totaled $25,922.
The West Jefferson ABC Board also paid a liquor sales tax of $93,282 and a mixed beverage tax of $11,274.
As the board continues to pay off the building, monthly payments of $2,166 are paid at a 4.9 percent interest rate. The remaining debt of the building is to be paid off by August of 2016.
“A lot of our money is going to pay for the building,” Lyall said. “After this is all paid for, every penny of the proceeds will go to the town of West Jefferson.”
Educating the sellers
On Sept. 10, the West Jefferson ABC board gave a class at Boondocks which taught servers how to check identification to prevent underage drinking and alcohol abuse.
“The class was on alcohol education and selling. It taught them how to card people,” Lyall said.
John Ruth from the N.C. Alcohol Commission in Raleigh taught the class. Lyall said approximately 50 people attended the class.
The event was put on by the West Jefferson ABC Board and was hosted by Boondocks.
“We want to thank Boondocks for hosting the event for us,” Lyall said.
Lyall said the West Jefferson ABC plans to host the classes twice a year.