The legislative bill SF No 564 proposes changes in how often certain cities in Minnesota must conduct financial audits. Currently, cities with a certain level of revenue must perform annual audits. This bill intends to raise that revenue threshold, meaning cities that earn up to a higher specified amount will only need to undergo an audit once every five years instead of annually. The audits will still be carried out by the state auditor or a certified public accountant following set procedures. Additionally, the revenue threshold will adjust for inflation each year based on a specific economic indicator. This change could reduce the administrative burden on smaller cities by lessening the frequency of mandatory audits.