HANOVER COUNTY, Va. (WRIC) — The Virginia Alcoholic Beverage Control Authority (ABC) Board has adopted a new budget for next year, following an increase of $54.3 million in profit last year.
According to ABC’s unaudited financial findings, the agency’s gross revenue for fiscal year 2023 — $1.472 billion — was an increase of $54.3 million over fiscal year 2022. Some sources of this revenue increase included the sale of distilled spirits, Virginia wines and mixers and the collection of license fees.
Additionally, the agency’s total sales volume grew from 6.32 million cases to 6.46 million cases.
On average, sales were up every day of the week, except Thursdays. Sunday sales increased by $3.4 million to $102.3 million. Saturday led all other days with $280.4 million in sales.
On Tuesday, Aug. 23, the ABC Board adopted an amended budget for fiscal year 2024.
According to the agency, the budget projects a 5.1% growth in revenue. The profits from retail sales, alone, are expected to increase by $23.7 million from the year before, reaching $244.3 million.
Virginia ABC’s final, audited results will be released in the fall. For more information on ABC’s sales and revenue, visit the agency’s website.