More than $70 million dollars in city funding has gone unspent for years, and in some cases more than a decade, according to a new report from the Los Angeles City Controller.
Out of more than 600 special funds, the controller's office discovered that over 200 special funds "have had no activity for at least two years." And more than 60 special funds "haven't been touched" in more than a decade.
Here's a brief overview of the report:
The controller's office recommends that roughly $50 million from those special funds should be spent on "the purposes for which the funds were collected," including $10 million for homelessness and housing.
The report offers "detailed proposals" for how the money could be spent and calls on city departments "to submit expenditure plans for putting these idle funds to work," according to a press release from the city controller's office.
In a statement, City Controller Kenneth Mejia said, "Our commitment to transparency and accountability impels us to continually press for maximizing the impact of public resources. Prudent reserves are vital for long-term fiscal sustainability. Yet letting funds sit in obscure accounts for years at a time shortchanges the people of Los Angeles at a time when they are insisting on greater responsiveness from their City government."
Read the full report here.
