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Minnesota Legislature

Office of the Revisor of Statutes

    Subdivision 1. Publish balance sheet, operations. Any city operating a municipal liquor
store shall publish a balance sheet using generally accepted accounting procedures and a statement
of operations of the liquor store within 90 days after the close of the fiscal year in the official
newspaper of the city. The statement shall be headlined, in a type size no smaller than 18-point:
"Analysis of ......(city)...... municipal liquor store operations for ......(year)...." and shall be written
in clear and easily understandable language. It shall contain the following information: total
sales, cost of sales, gross profit, profit as percent of sales, operating expenses, operating income,
contributions to and from other funds, capital outlay, interest paid and debt retired. The form and
style of the statement shall be prescribed by the state auditor. Nonoperating expenses may not be
extracted on the reporting form prior to determination of net profits for reporting purposes only.
Administrative expenses charged to the liquor store by the city must be actual operating expenses
and not used for any other public purpose prior to the determination of net profits. The publication
requirements of this section shall be in addition to any publication or posting requirements for
financial reports contained in sections 471.697 and 471.698. The statement may at the option of
the city council be incorporated into the reports published pursuant to sections 471.697 and
471.698, in accordance with a form and style prescribed by the state auditor.
    Subd. 2. If $350,000 sales, audited statement. Any city operating a municipal liquor store
with total annual sales in excess of $350,000 shall submit to the state auditor audited financial
statements for the liquor store that have been attested to by a certified public accountant, public
accountant, or the state auditor within 180 days after the close of the fiscal year, except that the
state auditor may extend the deadline upon request of a city and a showing of inability to conform.
The state auditor may accept this report in lieu of the report required by subdivision 1.
History: 1981 c 331 s 3; 1984 c 543 s 66; 1992 c 592 s 14