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Byline: Denise Jewell
Jun. 26--NIAGARA FALLS -- At the beginning of this year, the city had more than $8.6 million in savings for emergencies and property tax relief mostly because of an influx of state aid that city leaders had not anticipated over the previous two years.
An independent audit of the city's finances for last year, released Monday, shows the city has $2.9 million in its undesignated reserve fund and another $5.7 million in unbudgeted state aid designated for property tax relief.
The audit echoed a report released by the state comptroller's office in November that showed new state aid had helped improve the city's financial picture. …