SF3072

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