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HF1956 (Legislative Session 94 (2025-2026))

Threshold for the required submission of audited municipal liquor store financial statements to the state auditor amended.

Related bill: SF3072

AI Generated Summary

This bill proposes an amendment to Minnesota Statutes 2024, section 471.6985, subdivision 2, regarding the financial reporting requirements for municipal liquor stores. The key change is an increase in the sales threshold that triggers the requirement for cities to submit audited financial statements to the state auditor.

Key Changes:

  • Currently, cities operating a municipal liquor store with annual sales exceeding $350,000 must submit audited financial statements to the state auditor.
  • The bill raises this threshold to $500,000 in annual sales.
  • The deadline remains 180 days after the close of the fiscal year, with the possibility of an extension if a city can demonstrate an inability to meet the deadline.
  • The state auditor may accept the audited financial statements in place of other required financial reports.

Impact:

  • Fewer cities will be required to submit audited financial statements, reducing regulatory burdens and costs for smaller municipal liquor operations.
  • The state auditor will potentially have fewer reports to review, allowing for a reallocation of resources.

In summary, the bill reduces the number of municipal liquor stores that must submit audited financial reports by raising the revenue threshold from $350,000 to $500,000.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 05, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy
March 05, 2025HouseFloorActionIntroduction and first reading, referred toState Government Finance and Policy

Citations

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

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