Where is the City’s money? A big portion isn’t where you’d think.
L.A. Controller Ron Galperin released a report last week calling on the City to reform how it handles more than 700 special funds that hold $4 billion. Special funds are used for particular projects or purposes, like creating parks, building bridges and constructing affordable housing. The balances of these funds make up roughly half of the City’s treasury, yet nearly 600 special funds are not included in the yearly budget.