Pa. Liquor Control Board posts $114 million net loss in fiscal 2017

The Pennsylvania Liquor Control Board reported a big bottom-line loss in fiscal 2017 because of a far larger-than-usual contribution to the state’s general fund. Show here is a store in the Manayunk section of Philadelphia.

After paying $216.7 million into the state’s general fund in the year ended June 30, more than twice the $100 million paid to help fund state operations the year before, the Pennsylvania Liquor Control Board had a bottom line loss of $114.3 million, according to the agency’s latest financial results.

Despite the strain from larger-than-usual payments to the state, the agency’s spokeswoman pointed out that its cash and short-term investments were only $66 million lower on June 30, despite the additional $117 million contributed to the state’s coffers. The PLCB board told legislators that they are comfortable with a $185 million contribution in the current fiscal year.

In the three years before fiscal 2016, when the agency had bottom-line profits ranging from $21 million to $45 million, the PLCB paid the state $80 million from its operations. The contributions come from operations and are in addition to the taxes it collects.

The PLCB’s operating profit was $99.3 million or 16 percent of its gross profits of $621 million. Those results were down from $113.3 million or 18.7 percent of $605 million in gross profits in fiscal 2016. Additional expenses in fiscal 2017 included $1.19 million on new wholesale operations in response to last year’s liquor-law changes.