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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 purpose of this bill is to amend the requirements for when a city in Minnesota must submit audited financial statements for its municipal liquor store to the state auditor.

Main Provisions

  • The bill proposes to increase the sales threshold that triggers a requirement for cities to submit audited financial statements.
  • Previously, any city operating a municipal liquor store with annual sales exceeding $350,000 had to submit these statements.
  • The updated requirement raises this threshold to $500,000. Therefore, only those municipal liquor stores with sales above this new amount will need to comply.
  • Audited financial statements must be attested by a certified public accountant or the state auditor.
  • These statements should be submitted within 180 days after the fiscal year ends, although cities can request an extension if they are unable to meet this deadline.

Significant Changes

  • This bill changes the threshold for mandatory submission of audited financial statements from $350,000 to $500,000 in total annual sales.
  • It alters the administrative responsibilities for smaller municipal liquor stores, potentially reducing the burden on cities with sales between $350,000 and $500,000 by removing their filing requirement.

Relevant Terms

  • Municipal liquor store
  • Audited financial statements
  • Sales threshold
  • Certified public accountant
  • State auditor

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 financial reporting requirements for municipal liquor stores under section 471.6985, subdivision 2.",
      "modified": [
        "Increases the sales threshold for required audited financial statements from $350,000 to $500,000."
      ]
    },
    "citation": "471.6985",
    "subdivision": "subdivision 2"
  }
]

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