Hittin' the books
The new High Point ABC Board spent its second meeting Wednesday looking over the system's books. The financial tutorial was needed - newly appointed Chairman David Wall thought the system made $8 million in revenue last year. It actually made $10 million.
New General Manager Rosalind Stewart and Finacial Director Cindy Wooten said they spent a lot of time interpreting the books before the meeting.
Stewart said she's not sure what at least one of the system's accounts - entitled miscellanous accounts payable - was used for. She said it hasn't been activite in a while and she wasn't sure why it was created.
Board member Beth Koonce asked if they were going to get rid of the "employee welfare fund". State investigators believe the fund was generated through the illegal sale of both promotional mini-bottles and extra cases of liquor accidentally sent by the state warehouse.
Wooten said they were keeping the fund for incidentals. She said the fund was first created when they needed to send an employee flowers after her mother had died.
No one said where the money for the fund was coming from - I bet they'll find a legitimate source this time.
During the meeting Wall also proposed expanding the board from three members to five.
"The cost to the board would be minimial," Wall said. And "five minds are better than three."
Board member James Tanner agreed, saying two members can't "hang out" because that makes a quorum, thus an official meeting.
High Point City Attorney Fred Baggett said they would have to get one of the local legislators to present a bill in the General Assembly. He said he didn't think it would be a problem.