Municipal liquor store audited financial statements submission to the state auditor requirement threshold modification

This bill raises the annual sales threshold for municipal liquor stores to require audited financial statements submitted to the state auditor, from $350,000 to $500,000. It directly affects cities operating municipal liquor stores with total annual sales exceeding $500,000, reducing the number of stores subject to this reporting requirement. The key provision modifies Minnesota Statutes § 471.6985, requiring these stores to submit audited statements (attested by a CPA or state auditor) within 180 days after the fiscal year end, with possible deadline extensions. This change simplifies reporting obligations for smaller municipal liquor stores while maintaining oversight for larger operations.