This bill amends Minnesota Statutes 2024, section 471.6985, subdivision 2, by increasing the threshold for when cities must submit audited financial statements for municipal liquor stores to the state auditor. The previous threshold of $350,000 in total annual sales has been raised to $500,000. Cities operating liquor stores with sales exceeding this new threshold are required to provide audited financial statements attested to by a certified public accountant or the state auditor within 180 days after the close of the fiscal year. The state auditor retains the authority to extend this deadline upon request from a city that demonstrates an inability to meet the original timeline.

Additionally, the bill includes a provision stating that the new regulations will take effect the day following final enactment. This change aims to streamline the reporting requirements for municipalities while ensuring that financial oversight remains in place for those liquor stores with significant sales.

Statutes affected:
Introduction: 471.6985