A financial report released by the Republican Party of Minnesota on Monday found that there was no theft or illegal activity by former party officers but did point to a pattern of fiscal mismanagement that has left the party about $2 million in debt.

A financial report released by the Republican Party of Minnesota on Monday afternoon found that there was no theft or illegal activity by former party officers or former state Chairman Tony Sutton, but did point to a pattern of fiscal mismanagement and “questionable decision-making” that has left the party more than $1 million in debt.

Minnesota Republicans started the 2011 session having conquered titans. In the Legislature, GOP lawmakers had made a historic 54-seat gain in the House and Senate that fall, a swing that handed them majorities in both chambers for the first time in 38 years.

Minnesota Republican activists have elected longtime operative Pat Shortridge to lead the GOP Party out of more than $2 million in debt and into the 2012 election season.

The Republican Party of Minnesota currently owes as much as $2 million to creditors, according to an internal financial review released on Friday. That's nearly four times the amount most party activists had been lead to believe less than a month ago.

An internal review of the Republican Party of Minnesota's finances has determined that the amount of debt is about $2 million, according to two sources familiar with the findings. That's nearly double the level of unpaid bills previously believed.

Longtime GOP operative Pat Shortridge, Second Congressional District Republican chairman Terry McCall and activist Todd McIntyre have all announced campaigns. Candidates will participate in a forum on Thursday at the Wentworth Library in West St. Paul.

On Dec. 31 Republican activists from across the state will gather in St. Cloud to elect a new party chair. The meeting will cap a tumultuous end to 2011 for the state GOP. Earlier this month Tony Sutton suddenly resigned from the party’s top post. Revelations soon followed that the party is likely more than $1 million in debt.

Mike Vekich has been brought on by the Republican Party of Minnesota to help fix the cash-strapped party's finances. Vekich will play a volunteer, advisory role until a new party chairman is elected on December 31.

Who wants to run the Republican Party of Minnesota? That’s the question that has been generating a steady stream of rumors and trial balloons since state party Chairman Tony Sutton suddenly resigned earlier this month.