A report conducted by Los Angeles City Controller Ron Galperin found that the city missed out on using approximately $28 million that could have been used on programs to benefit the public.
Galperin said there are 123 special accounts in which there have been no expenditures in at least four years, and some even as long as 10 years.
Out of the $28 million that has been idle, as much as half could potentially be used for park and street improvements, while other funds could go toward programs or projects related to economic development, public safety, affordable housing and social services.
“It is shocking that as we deal with crises on multiple fronts – from homelessness to housing – vital public funds we can and should be spending remain idle,” Galperin said.
Included on the controller’s website is a complete list of idle funds, the department in charge of each fund, the cash balance and time since the last expenditure.
“Taxpayers deserve better and will greatly benefit from a transformation of the city’s management and use of special funds,” the controller said. (Source: Los Angeles Daily News, April 3.)