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City of Elk River <br /> May 17,2013 <br /> Page 12 <br /> The Office of the State Auditor annually publishes a report analyzing the operation of municipal liquor stores in the State. The <br /> most recent year of published information is for the year ended December 31, 2011. The statewide averages for all operations are <br /> summarized below. <br /> Off Sale <br /> 2009 2010 2011 <br /> Percent Percent Percent <br /> of Sales of Sales of Sales <br /> Sales 100.0 % 100.0 % 100.0 % <br /> Cost of sales 74.9 74.8 74.6 <br /> Gross profit 25.1 25.2 25.4 <br /> Operating expenses 17.0 17.1 17.1 <br /> Operating income 8.1 8.1 8.3 <br /> Nonoperating revenue(expense) 0.0 (0.1) 0.1 <br /> Income before transfers 8.1 % 8.0 % 8.4 % <br /> Source:Analysis of Municipal Liquor Store Operations,for the year ended December 31,2011. <br /> Published by the Minnesota Office of the State Auditor <br /> The gross profit percent of the City of 28.2-28.8 percent remains above the state-wide average. Also,the City's percentage of <br /> income before transfers of 12.4, 13.5,and 12.9 for 2010,2011,and 2012,respectively is significantly above the statewide <br /> averages. <br /> 952.835.9090 • Fax 952.835.3261 <br /> www.aemcpas.com <br />