The bill amends Minnesota Statutes 2024, section 471.6985, subdivision 2, to increase the threshold for cities operating municipal liquor stores to submit audited financial statements to the state auditor. The previous threshold of $350,000 in total annual sales has been raised to $500,000. This change means that only cities with liquor store sales exceeding $500,000 will be required to provide audited financial statements attested 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 demonstrating an inability to meet the deadline.

Additionally, the bill includes a provision stating that it will take effect the day following its final enactment. This legislative change aims to reduce the financial reporting burden on smaller municipal liquor stores while ensuring that larger operations maintain transparency through required audits.

Statutes affected:
Introduction: 471.6985