Audit: Falls will run out of cash reserves by year’s end due to casino dispute

[From BuffaloNews.com]

The City of Niagara Falls is expected to deplete its fund balance by the end of the year because of a dispute over Seneca casino revenue, according to an audit issued Tuesday by the state Comptroller’s Office.

The city, caught in the middle of a dispute between New York State and the Seneca Nation of Indians over casino revenue sharing, has been using about $9 million in casino revenue each year to plug budget gaps since 2014. The city’s also spent an additional $2.9 million from its fund balance per year over the same period to balance its budget, the audit found…

READ THE FULL STORY HERE: http://buffalonews.com/2017/09/19/audit-niagara-falls-will-run-cash-reserves-end-year-casino-revenue-dispute/

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