PLCB reports ‘record’ liquor sales
The Pennsylvania Liquor Control Board (PLCB) reported “record” sales for its fiscal year 2014/15 with a 4.2% increase compared to the previous year.
PLCB has reported record turnover for its 2014/15 fiscal yearThe unaudited financial results revealed sales of US$2.34 billion, including alcohol taxes.
Net profit would have reached US$132.8 million – 2.5% more than in 2013/14 – if it weren’t for new accounting changes altering the firm’s income statements for 2014/15.
End-of-year cash and short-term investments were also up by US$20.7m, from US$241.2m to US$261.9m.
Net cash produced by operating activities equated US$139.1m for the fiscal year.
The PLCB said in a statement: “Such positive cash flow means the PLCB is in an excellent position to provide a transfer of at least US$80m in profit to the General Fund this year.”
Furthermore, the PLCB also paid US$334.4m in liquor tax and US$130.2m in state sales tax into the General Fund during its last financial year, and almost US$8.5m in local sales tax was awarded to Philadelphia and Allegheny County.
The end-of-year financial results were delayed this year as a result of new pension liability reporting changes effective for all government employers as required by the Governmental Accounting Standards Board (GASB).
These changes, combined with growth in the commonwealth’s other post-employment benefit liabilities, required extra time for the Office of the Budget and the Comptroller to finalise year-end financial statements and could cause future delays.
