Purpose of the Bill

The purpose of this bill is to update the financial reporting requirements for municipal liquor stores in Minnesota. It specifically addresses the threshold for when these stores must submit audited financial statements to the state auditor.

Main Provisions

• Increase in Sales Threshold: The bill raises the sales threshold that triggers the requirement for a city-operated municipal liquor store to submit audited financial statements to the state auditor. Previously, stores with total annual sales exceeding $350,000 needed to submit these audited financials. Under the new bill, this threshold is increased to $500,000.
• Audited Financial Statements: Municipal liquor stores that exceed this new threshold must submit their audited financial statements, which must be verified by a certified public accountant or the state auditor, within 180 days after the fiscal year ends. Extensions can be granted by the state auditor if the city demonstrates the need.
• Submission Flexibility: The state auditor is permitted to accept this audited statement in place of another financial report that is ordinarily required by law.

Significant Changes

This bill significantly changes the sales threshold that requires municipal liquor stores to submit audited financial statements to the state auditor, from $350,000 to $500,000 in annual sales.

Relevant Terms

• Municipal liquor store
• Audited financial statements
• Certified public accountant
• State auditor
• Sales threshold
• Fiscal year
• Reporting requirements