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Thomasville ABC Board accepts FY 2024–25 audit, cites modest sales growth and strong liquidity
Summary
The Thomasville ABC Board accepted the FY 2024–25 audit in draft form pending any last-minute comments, noting only 0.5% sales growth, $3.784 million in cumulative distributions to the city since 1999, and a strong balance sheet despite rising pension costs.
The Thomasville ABC Board of Directors on Aug. 19 accepted the FY 2024–25 audit in draft form and asked that any final comments be submitted to Store General Manager Leigh Ann Lowe within a few days.
Tommy Ballard, the board’s certified public accountant, presented the audit and described the store as a “mature organization” after sales grew by only 0.5% for the fiscal year, compared with prior-year growth rates of about 6–8%. Ballard told the board that cumulative distributions to the City of Thomasville total $3,784,000 since the ABC operation began in 1999 and that the year ended with expenses and distributions leaving the board’s net position up $2,953,000.
Ballard said the balance sheet shows the board remains highly liquid and financially sound but warned that mandated retirement costs are increasing; the audit notes the state contributes 6% to the retirement system while the store contribution is 14.33%, which has raised the pension liability shown on the cumulative balance sheet. Ballard also pointed the board to schedules summarizing distributions and budget amendments and said those schedules showed no improper variances.
Board members thanked Ballard and credited Store General Manager Leigh Ann Lowe and Ms. Shook for strong store management; members responded with audible agreement. The board approved the audit in draft form (Motion: Neal Grimes; Second: Don Clinard) on a unanimous voice vote and asked that Ms. Lowe be notified if any member submits changes within the stated time window. According to the minutes, all three members responded that they had no further changes at the time of the meeting.
The board did not adopt a final, signed audit document during the meeting; acceptance was recorded as conditional pending any last-minute comments to management. The board’s next regular meeting is scheduled for Sept. 16.
