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i <br />t <br />City of Elk River <br />March 13, 2008 <br />Page 14 <br />The Office of the State Auditor annually publishes a report analyzing the operation of municipal liquor stores in the State. <br />The last most recent year of published information is for the year ended December 31, 2006. The statewide averages for <br />all operations are smnmarized below. <br /> Off Sale <br /> 2004 2005 2006 <br /> Percent Percent Percent <br /> of Sales of Sales of Sales <br />Sales 100.0 °.'° 100.0 % 100.0 <br />Cost of sales 75.5 75.2 753 <br />Gross profit 24.5 24.8 24.7 <br />Operating expenses 16.9 17.0 17.1 <br />Operating income 7.6 7.8 7.6 <br />Nonoperating revenue 03 0.2 0.5 <br />Income before transfers 7.9 % 8.0 % 8.1 <br />Source: Analysis of Municipal Liq uor Store Operations, for the year ended December 31, 2006 <br />Published by Ylre Minnesota Office of the State Auditor <br />The gross profit percent of the City remains above the stato-wide average by approximatel y 4 percent. Also, the City's <br />income before transfers as a percen tage of sales for 2006 and 2007 of 93 and 10. I percent , respective ly, were above the <br />state-wide average. <br />952.835.909Q Fex 952.835.3261 <br />www.aemcpascom <br />