SALISBURY — The Rowan-Kannapolis ABC Board unanimously passed its first balanced budget after a public hearing this morning.
According to a North Carolina law that went into effect last summer, each local Alcoholic Beverage Control board is now required to keep a detailed, balanced budget and make it available to the public.
The fiscal year 2011-12 budget projects that the local ABC system will bring in $9.3 million in revenue, generating $4.4 million in gross profit after $4.9 million in inventory purchases for its stores. It would spend $4.4 million in taxes, distributions and other expenses.
The board’s budget also includes nearly $169,000 in distributions to local governments for the coming fiscal year, which works out to an average of slightly more than $42,000 per quarter.
See more details and discussion in Friday’s Post.