City Of Niagara Falls-Finances
Released: September 15, 2017 —  Read Complete Report

Purpose of Audit
The purpose of our audit was to review the City’s financial condition for the period January 1, 2015 through June 30, 2017.

Key Findings
• From fiscal years 2014 through 2017, City officials balanced budget gaps using primarily casino revenue, averaging $9 million, and fund balance, averaging $2.9 million.
• By the end of 2017, we project that the City will deplete available fund balance.
• City officials did not have an updated comprehensive multiyear financial plan.
Key Recommendations
• Adopt realistic budgets in which recurring expenditures are funded by recurring revenues.
• Rebuild unrestricted fund balance in accordance with the City’s policy.
• Develop and regularly update a comprehensive written multiyear financial plan that includes realistic measures for rebuilding fund balance levels.