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ABC projects 5.1 percent growth in revenue

The Virginia Alcoholic Beverage Control Authority released its unaudited financial results for fiscal year 2023 after the ABC Board of Directors adopted a revised FY 2024 budget.

In actions taken at the meeting on Aug. 22, the board adopted an amended budget that projects profits from retail sales of $244.3 million, a $23.7 million increase over FY 2023 results. The adopted budget forecasts a 5.1 percent growth in revenue while focusing on investing in ABC teammates, maintaining core business systems and continuing to enhance regulatory services to ABC licensees.

“The ABC Board met and unanimously approved a new FY 2024 budget for ABC that will deliver $244.3 million to the general fund of the commonwealth,” said ABC chairman Tim Hugo. “This result was thanks to the collaborative efforts of ABC’s executive leadership team working with the governor’s administration. This revised budget will strengthen ABC and serve our commonwealth.”

The board also adopted its five-year foreca...

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