Report of the State Auditor of MN Year Ended 6/30/1978

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The following is a two year summary of liquor store operations. Sales Cost of Sales Gross Profit Operating Expense Operating Income 1977 Per Cent Amount of Sales $114,522,235 76,824,379 $ 37,697,856 27,936,186 $ 9,761,670 100.0 67.1 32.9 24.4 8.5 1976 Per Cent Amount of Sales $111,858,593 74,937,120 $ 36,921,473 26,568,969 $ 10,352,504 100.0 67.0 33.0 23.7 9.3 Total sales were up $2.6 million, cost of sales were up $1.9 million and gross profit was up $0.8 million. Operating expense rose $1.4 million resulting in a decrease of $0.6 million in operating income. Contributions to governmental funds totaled $8.7 million, compared to $9.9 million in 1976. INDEBTEDNESS Outstanding indebtedness of cities is presented in Table 14 classified by type of bond. The five types are general obli- gation, which are bonds payable from a general tax levy; special assessment, which are payable wholly or in part from special assessments; revenue bonds, which are payable from revenue of public service enterprises; refunding bonds; and other, which consists primarily of bonds payable from Munici= pal State -aid street allocations. Revenue bonds may have to be paid by property taxes in some instances if revenues are not sufficient to cover debt service, therefore, the General Obliga- tion classification may not include all debt service to be paid by property taxes. During the year bonds totaling $320.2 million were issued and $182.6 million were retired, leaving $1.65 billion out- standing at the end of 1977. Figure 3 shows the amount of bonds outstanding at the end of each year since 1967. During the current period the amount outstanding has increased $137.6 million or 9.1 %.