FY 2024 Annual Report
July 2023 - June 2024
Building Resilience for an
Uncertain Future
Board President's Letter
As President of City Market, Onion River Co-op’s Board of Directors, I want to thank the Co-op’s staff and Members for another remarkable year of cooperation. I am struck once again this year by how our Co-op community pulls together to support one another, from contributing Member worker hours to local organizations to donations made possible through Rally for Change and Co-op Seedling Grants.
This past year, we celebrated our 2024 Member Meeting at Hula, where we learned from Darnell Adams, Board Chair of the Food Co-op Initiative, about the changing role of co-ops across the country and presented the Community Service Award to Samuel Dingba, Youth Program Coordinator with the Association of Africans Living in Vermont. We also took the opportunity to review the Co-op’s 2024 fiscal year, meet with and learn from Co-op Members, and hear from Board Candidates.
Following our October 1 to October 21 election period, we were thrilled to welcome Mariella Torres and Simon Bird to the Board of Directors. I also made the decision to run for another term as an incumbent, and I am grateful to all of the Members who participated in voting this year. Finally, the Board thanks departing board members Rubin Jennings, Jen Savas, and Myle Barr for their service. Their thoughtful contributions to board governance will be greatly missed.
Reflecting on the Co-op’s 2024 fiscal year, we’re delighted to share that with tremendous effort from the Membership team, the Co-op added almost 600 new Members in 2024. Further, Member Workers completed 16,356 volunteer hours, the equivalent of adding eight extra full-time workers to our community—a truly phenomenal effort! Co-op staff also began implementing plans to improve our Member experience, and we all look forward to seeing more participation in Member programming in future years.
As we step into the new year, I am grateful for the dedication and fortitude of our Co-op staff, who show such dedication to our community every day. Thank you for making the Co-op the place that—one that is welcoming to all Members and customers, where we can support our local food and agriculture system through everyday grocery shopping, and where we can support our community by a simple act like rounding up at the register. On behalf of the City Market, Onion River Co-op Board of Directors, I am honored to represent our dedicated body of over 12,000 Co-op Members, and I look forward to seeing you at the Co-op in 2025!
Kristina Sweet
Board President
General Manager's Letter
As we reflect on the last fiscal year, it has been one of change, acceptance, and continued growth. I am continually grateful for our amazing staff, who work incredibly hard every day adapting to our ever-evolving community while consistently coming together as a team to keep our Co-op operating. Together with our Board, we continuously look to move the needle and the Co-op forward.
This year marked another successful contract negotiation with our union. We are always reminded just how well we work together and come to the table with open minds and the willingness to bargain in good faith. This relationship has extended for over 15 years and while negotiations can be difficult, I am proud of where we landed with a contract that is strong and supportive of our collaborative relationship. Together, we are excited to continue to drive business to our Co-op and serve our broader community.
Sales in our 2024 fiscal year remained healthy and I was encouraged to see the strong results given our many challenges. Although recruitment and staffing vacancies remain an ongoing focus, we were able to stay resilient and provide our community with a source of local and accessible products. In particular, the struggles with the climate of the Downtown Burlington area have affected our sales. The City has many hurdles to face, and we as a Co-op plan to be on the front lines to offer our community the positive, safe and consistent space that we always have. In contrast, the South End store is flourishing! Since the completion of phase 1 of the Champlain Parkway project and its opening, we have seen an increase in sales and Member participation increase as well. With the new programs we have launched specifically for our Membership, we look forward to seeing sales continue to grow.
Further, one of the ways we hoped to improve our customer service as we moved into FY 25 was the introduction of Instacart across both stores. Accessibility is one of our key goals and adding the ability for customers to shop our product selection from the comfort of their home is proving to be a success. The Instacart platform also provides visibility into our extensive product set which is a big asset for new shoppers who are not aware of what we have available and at what price.
We continue our work in supporting the community and with close to 8% of our Membership benefiting from the Food for All program, we were able to support 1,025 households further driving our mission to increase food access for all Vermonters. In addition, with another unfortunate round of devastating flooding within this fiscal year, we were able to pivot our Rally for Change program and raised over $7,000 for the NOFA Farmer Emergency Fund.
The above are just a few highlights and through all the changes in recent years, we hope the Co-op has remained a constant in your lives as it has ours. The resilience of our community never ceases to impress us, and we look forward to standing by one another and serving the community in the year to come. Thank you all for your continued support of the Co-op!
John Tashiro
General Manager
Growing Sales to Grow Impact
Our Co-op strives to be central to a thriving, healthy community. Our capacity to meet this goal depends on our ability to meet the food needs of community members and grow our sales. When buying local is attractive and affordable, our food system is stronger. That’s why we’re investing in new capacities to showcase our offerings, respond to Member and customer needs, and offer attractive deals across our stores. Offerings like our rotisserie chickens and cheese selections have been big wins. Investments in new coolers and smarter merchandising makes navigating our stores easier and more fun for our shoppers, as well.
Balance Sheet | FY 2024 | FY 2023 | FY 2022 |
| Current Assets | 6,894,172 | 5,839,051 | 6,377,248 |
| Property & Equipment | 17,336,418 | 17,880,243 | 18,453,530 |
| Other Assets | 843,291 | 2,427,091 | 2,350,961 |
| Total Assets | 25,073,881 | 26,146,385 | 27,181,739 |
| Current Liabilities | 3,987,290 | 3,952,782 | 3,929,414 |
| Long Term Debt | 7,593,627 | 8,153,358 | 9,039,708 |
| Deferred Income Taxes | |||
| Members' Equity | 13,492,964 | 14,040,245 | 14,212,617 |
| Total Liabilities & Equity | 25,073,881 | 26,146,385 | 27,181,739 |
Income Statement | FY 2024 | FY 2023 | FY 2022 |
| Net Sales (Gross sales minus discounts) | 56,209,347 | 55,375,821 | 53,799,671 |
| Cost of Sales | 36,036,462 | 35,653,976 | 34,374,793 |
| Gross Profit | 20,172,885 | 19,721,845 | 19,424,878 |
| Operating Expenses | 20,990,043 | 20,180,460 | 20,030,750 |
| Interest & Other (Income) Expenses | (146,311) | (61,913) | 132,062 |
| Patronage Refund Expense | |||
| Provision for Income Taxes | (202,786) | (95,550) | (251,150) |
| Net Earnings | $(468,061) | $(301,152) | $(486,784)* |
* Excludes PPP Loan foregiveness of $2,669,400
For additional information regarding the Co-op's financial performance or to receive a detailed copy of the Annual Financial Statements audited by Gallagher, Flynn and Company, LLP, please contact Amanda Bushor, Director of Finance, at abushor@citymarket.coop.
Local Sales Build Local Resilience
The most direct way that our Co-op strengthens our local food system is through sales of local and Made in Vermont products. We believe that our resilient future depends on local agriculture and local food production, especially as climate change and supply chain instability increase global risk. We are proud of our role in building this future. City Market offered over 3,100 local products in our stores this year, from long-time favorites like Pomykala pumpkins to new stars like Offbeat Creemee. These products accounted for over $22.7 million in sales, directly supporting our local farms and producers.
City Market works with over 400 local farmers and producers
A Thriving Space in Burlington
Our stores are places where Members and customers can connect, relax, and grab a quick bite to eat or fuel up before a big day. We’re investing in safety and in our staff to preserve this space for everyone. When our staff is safe, empowered and appreciated, they are best equipped to help our Members feel safe, empowered and appreciated, too. We’re thankful for our dedicated staff, who work hard to create a welcoming space where we can all celebrate the role of good food in creating strong communities. Stop and say hi when you’re next in store!
60% of City Market staff members are full-time. Anyone who works over 20 hours per week is eligible for full benefits.
Raising the Value of Membership
Our Members are the heart of everything we do. When our Members participate actively in our Co-op, we are a force for cooperation in our community. We’ve improved City Market Member Benefits to give our Members even better reasons to stay with us for the long haul. The first of our new, semi-annual Member Discount Days saved participating Members, on average, over $23. And our Members Go Local partners offer Members great discounts every day at some amazing, in-demand local businesses.
Our next Member Discount Days are coming in May 2025!
Cooperators in Community
Our community is more resilient when more of us are doing the work, and when our most vulnerable neighbors have support. Through our Member Work program, City Market Members completed over 16K hours of volunteer work at our 25 non-profit community partners. The organizations we support are helping to feed and house our neighbors, providing mentoring for youth in our community, and making it possible for our elders to continue to live independently. City Market Members who participated in our Member Work program earned in-store discounts – saving on average $881 over the course of the year.
“We greatly depend on the Member Worker program to staff and volunteer many of our programs.”
– Christina Erickson, Local Motion
Building Climate Resilience
After two devastating floods, the importance of building climate resilience for the present and future has never been more clear. This year, we supported emergency response through strategic buying from impacted farms, fundraising through our Rally for Change program for emergency farm funds, and offering Member Worker and staff volunteer opportunities for impacted farms. We also support organizations like NOFA-VT and the Intervale Center year-round, so our producers have tools and resources to invest in climate-resilient practices.
$12,704.95 raised for flood relief through Rally for Change
Food for All
Our thriving, healthy community is for everyone – that’s why our Food for All Memberships, which offer 10% storewide discounts and 15% off produce and bulk purchases to qualifying households, are such a critical part of how we build community resilience. Over a thousand families were FFA Members in FY 2024. Together, they saved almost $275K.
Food for All informational materials are available in seven languages. Share the program with folks who could use it!
Thank You
Our Members and customers help us build a more resilient future every day. We're excited to cooperate with you next year!
