LOCKPORT, NY-- The city of Lockport is in danger of running out of money. That's according to an audit released Wednesday by the New York State Comptroller's office.
The audit points to poor record keeping and a "reliance on fund balance to finance operations."
"The city of Lockport's accounting records are in such poor condition that city officials were in the dark about the true severity of their fiscal problems," Comptroller Thomas DiNapoli said in a released statement. "Now, Lockport has to make some difficult choices to address its financial woes. City officials need to get a handle on the city's finances immediately and create a multiyear financial plan with budgets that only spend what the city takes in."
In addition to the lack of funds, the audit found that the city's 'cash-flow deficiency' will grow to nearly $4.6 million by the end of year.
The comptroller's office says Lockport city officials agreed with the audit and are working to correct the problems.
For a copy of the report visit: http://www.osc.state.ny.us/localgov/audits/cities/2014/lockport.pdf