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Memo 085-11 <br />page 2 of 2 <br />For the past three years sales and profits have heen declining. <br />Sales hit a peak of $480,570 in 1981 and have declined to <br />$426,169 in 1984, a drop of $54,491 or 11.32%. During this same <br />period net income has declined from a 1981 high of $57,168 (an <br />exceptional year) to $9,128 in 1984, a decrease of $48,040 or <br />84.03%. Operating expenses were $98,652 in 1981 and were <br />$114,848 in 1984, on increase of $16,196 or 16.421. Inventories <br />hive been reduced from $114,454 on 12-31-83 to $101 '58 on 12-31- <br />840 a decrease of $13,196, or 11.531. <br />Credit card sales for 1984 were $27,312 or 6.41% of sales <br />compared to 026,978 or 6.001 of sales In 1983. <br />Generally municipal :iquor store profits have been decreasing in <br />the state size 1981. This trend has been noted by the State <br />Auditor in his annual recap of city liquor operations as reported <br />in the Leayue of Minnesota Cities publication each year since <br />1981. I have enclosed copies of the State Auditor's recap <br />reports for the years 1983, 1982, and 1981. <br />