Pennsylvania Liquor Control Board Reports Record Net Profit in Most Recent Fiscal Year
The Pennsylvania Liquor Control Board (PLCB) on Wednesday released unaudited financial results for fiscal year 2020-2021 that reflect record net income and the largest annual sales increase in PLCB history.
Sales in the last fiscal year totaled $ 2.91 billion (including alcoholic beverage and sales taxes), $ 349.4 million or 13.7% more than the previous year, according to a press release. In addition, fiscal year 2020-2021 sales were $ 238.5 million, 8.9% higher than PLCB’s (pre-COVID-19) record sales of $ 2.67 billion in during the 2018-19 financial year.
That translated into net income for the year totaling a record $ 264.9 million, or $ 56.1 million or 26.9% more than the previous year, the statement said. The increase in net income was attributable to the increase in gross profit from sales, which was partially offset by increases in operating expenses and decreases in other income such as license fees.
Contributions to state and local governments and other recipients totaled $ 813.4 million for the fiscal year, the statement said, adding:
Contributions to the General Fund, which funds Pennsylvania schools, health and social service programs, law enforcement, and public safety initiatives among other important public services, totaled $ 764.8 million . Contributions to the General Fund were as follows:
- $ 415.8 million in liquor tax;
- $ 163.9 million in state sales tax; and
- $ 185.1 million in cash transfers.
The other contributions of the PLCB during the year are as follows:
- $ 29.2 million to the Pennsylvania State Police for liquor control enforcement efforts;
- $ 9.6 million in local sales taxes in Philadelphia and Allegheny counties;
- $ 1.8 million in license fees returned to local municipalities; and
- $ 5.3 million to the Ministry of Drug and Alcohol Control Programs.
Additionally, the PLCB authorized approximately $ 2 million in grants in fiscal year 2020-2021 to support Pennsylvania’s beer and wine industries and awarded $ 1.4 million in education grants. to alcohol during the year to reduce alcohol consumption among minors and dangerous.
The PLCB is the only Commonwealth corporate fund whose financial statements are presented separately in accordance with generally accepted accounting principles, the statement said.
The PLCB regulates the distribution of alcoholic beverages in Pennsylvania, operates approximately 600 liquor stores and distribution centers statewide, and licenses 20,000 liquor producers, retailers and managers. The PLCB also works to reduce and prevent unsafe and underage alcohol use through partnerships with schools, community groups and licensees.
Taxes and store profits – totaling nearly $ 18.7 billion since the agency’s inception – go to the Pennsylvania General Fund, which funds Pennsylvania’s schools, health and social services programs, l law enforcement and public safety initiatives, among other important public services.
The PLCB also provides financial support to the Pennsylvania State Police Office for Alcohol Control Enforcement, the Department of Drug and Alcohol Programs, other state agencies, and local municipalities in the United States. ‘State. For more information on the PLCB, visit lcb.pa.gov.
For more information on the PLCB and to view the unaudited financial statements for fiscal year 2020-2021, click on this link.
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