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Liquor Fund: <br />–2019 operating income was $273,721 <br />–$250,000 transferred to the General Fund <br />9 <br />Sales $6,160,868 100.0% $5,867,452 100.0% <br />Cost of sales 4,614,845 74.9%4,344,764 74.0% <br />Gross margin 1,546,023 25.1%1,522,688 26.0% <br />Operating expenses 1,272,302 20.7%1,265,249 21.6% <br />Income from operations 273,721 4.4%257,439 4.4% <br />Investment income & other 20,585 0.3%8,632 0.1% <br />Transfers out (250,000) -4.1%(250,000) -4.3% <br />Net income 44,306 0.7%16,071 0.3% <br />2019 2018 <br />•Required by Minnesota Statute §6.65 <br />•OSA audit guide covers seven categories <br />1)contracting and bidding <br />2)deposits and investments <br />3)conflicts of interest <br />4)public indebtedness <br />5)claims and disbursements <br />6)other miscellaneous provisions <br />7)tax increment provisions <br />•No compliance findings <br />10 <br />31