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Fiscal Year 2012 Operating and Capital Budgets

Fiscal Year 2012 (FY12) is 52-weeks long, running July 4, 2011 to July 1, 2012. Co-op bylaw 6.2 requires that management prepare an annual budget with input from the Board and its Finance Committee, the Board approves the budget, and a consolidated version of the budget is published and distributed to the Owners.


The FY12 budget was approved by the Board on June 21st with the expectation that it appropriately sets goals and meets the varying needs of our growing grocery Cooperative that is now comprised of two retail stores, one central kitchen, 280 staff, and 28,000 Owners. Some of the key contemplations in this year’s budget process included the impact of a full year of Willy West operations, Willy East road and parking lot construction, local/national/global economic challenges, food inflation, health insurance rate increases, Fair Share equity growth, voluntary debt prepayment, initiatives requiring significant investment, equipment needing replaced, and needed facility improvements.





























































FY12 Budget by the Numbers     
[The below numbers are rounded.]   
 $31,000,000in total budgeted sales   
 $20,000,000in cost of goods sold (64% of sales)  
 $6,000,000in total wage expense (19% of sales)  
 $2,000,000in benefits, taxes, and other personnel related expenses (7% of sales) 
 $400,000in accelerated debt prepayment   
 $300,000in capital expenditures (see accompanying capital budget) 
 $300,000in debit/credit card processing fees  
 $300,000in utility expenses   
 $300,000in repair and maintenance expenses  
 $200,000in Access (need-based) discounts   
 $200,000in new Fair Share equity payments  
 $50,000in non-owner surcharge revenue   
 $(68,000)projected net loss   
































































































































Approved FY12 Operating Budget    
The operating budget is a detailed projection of sales and expenses to support and guide day-to-day Co-op operations.
 FY12 BudgetFY11 Actual
 $% of sales$% of sales
Total Sales$31,073,500100.0%$27,760,130100.0%
Cost of Goods($19,933,099)-64.1%($18,065,515)-65.1%
Gross Margin$11,140,40135.9%$9,694,61434.9%
     
Personnel Costs$8,077,10026.0%$7,248,45526.1%
Other Operating Expenses$3,208,80710.3%$2,596,0199.4%
Total Operating Expenses$11,285,90736.3%$9,844,47335.5%
Income (Loss) from Operations($145,506)-0.5%($149,859)-0.5%
     
Other Income (Expenses)$77,5060.2%$219,4380.8%
New Store Pre-Opening Expenses$00.0%($219,125)-0.8%
Total Other Income (Expenses)$77,5060.2%$3130.0%
     
Income Tax Expense$00.0%$33,2580.0%
Net Income (Loss)($68,000)-0.2%($116,288)-0.4%








 











































































Approved FY12 Capital Budget  
The capital budget includes significant, long term investments to support strategic initiatives (sales growth and/or operational efficiency), equipment replacement, or facility improvement.
Item$Comment
East parking lot, Phase II$100,000Redevelop balance of East parking lot.
Culinary Management Software$66,000Recipe development and costing software for Kitchen.
Bulk aisle overhaul - Phase II$22,000Finish the East bulk aisle overhaul begun in FY11 by replacing bulk liquid fixtures and shelving.
Web presence - significant upgrade$20,000Upgrade to website, more functionality for owners when logged in, shopping lists, enewsletter, etc.
Citrix server$15,000Host server for Citrix, enabling any Windows application to be virtualized and centralized
Jenifer Street landscaping, Phase II$10,000Phase II grading, planting, and general space improvement.
Energy efficiency project$7,500Earmarked for project identified by Mpower and Sustainability Committee.
Hand held scanners (3)$7,500Smart hand held scanners for staff use on the floor.
Olive bar$6,000Olive bar addition to current West salad bar.
Health & Wellness Aisle Signs$2,700Aisle signs for West HABA department.
Unallocated/Contingency$43,300Unallocated is reserved for contingency and for projects that require additional planning before approved.
Total$300,000 

Questions
If you have any questions regarding the FY2012 budget or other Co-op financial matters, feel free to email me at

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