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SF3072 (Legislative Session 94 (2025-2026))

Municipal liquor store audited financial statements submission to the state auditor requirement threshold modification

Related bill: HF1956

AI Generated Summary

Purpose of the Bill

The bill aims to change the requirements related to financial reporting for municipal liquor stores in Minnesota, specifically increasing the sales threshold that triggers the need for a city to submit audited financial statements to the state auditor.

Main Provisions

  • The current law mandates that cities with municipal liquor stores reporting total annual sales exceeding $350,000 must send audited financial statements to the state auditor.
  • This bill proposes to increase the sales threshold from $350,000 to $500,000.
  • The audited financial statements must be completed and submitted by a certified public accountant or the state auditor within 180 days following the end of the fiscal year.
  • Cities can request an extension for submission if they show an inability to meet the deadline.

Significant Changes to Existing Law

  • The key change is the increase in the sales threshold from $350,000 to $500,000, meaning fewer municipal liquor stores would be obligated to submit audited financial statements under the new rule.

Relevant Terms

  • Municipal liquor store
  • Audited financial statements
  • State auditor
  • Certified public accountant
  • Fiscal year sales threshold

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 26, 2025SenateFloorActionIntroduction and first reading
March 26, 2025SenateFloorActionReferred toState and Local Government

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill amends the threshold for submission of audited municipal liquor store financial statements under section 471.6985.",
      "modified": [
        "Adjusts the sales threshold from $350,000 to $500,000 for required financial statement submission."
      ]
    },
    "citation": "471.6985",
    "subdivision": "subdivision 2"
  }
]

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