Niagara Falls Water Board has too much unused cash, state audit says

[From BuffaloNews.com]

The Niagara Falls Water Board borrowed money for a major project when it could have paid cash, a state audit contends.

But the executive director, Paul J. Drof, said the money found in the board’s debt service fund – $6.3 million as of the end of 2015 – was earmarked for a major sewer-repair project and denied the state’s contention that it could have been used to pay for a water and sewer rate reduction…

READ THE FULL STORY HERE: http://www.buffalonews.com/city-region/niagara-falls/niagara-falls-water-board-has-too-much-unused-cash-state-audit-says-20160327