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LA Transit Officials Find $42 Million that Should Have Gone Back to City Budget

Los Angeles' transportation department has identified a $42.6-million accumulation of cash that should have been paid to the city's general fund over a 17-year period, officials said Wednesday.

The money was allocated by city officials over the years to help fund costs of various projects. It should have been returned as federal, state and other grants arrived, according to Department of Transportation General Manager Jaime de la Vega.

But from 1995 to 2011, the funds were only returned to the city's general fund twice, according to a City Council memo. The money grew in a fund that was not audited or examined.

Source: Los Angeles Times. Read full article. (link)

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