City discovers forgotten funds in Department of Transportation account
City News Service | 5/15/2013, 5 p.m.
Members of the City Council's Budget and Finance Committee were expected to take a closer look at $42.6 million that accumulated in a Transportation Department special fund for more than 15 years and went overlooked during lean budget times at City Hall.
The committee is nearing the end of a series of meetings to review the mayor's $7.7 billion budget proposal for the coming fiscal year. As part of that review, the panel will examine how the transportation fund went untapped for years and whether other such funds may exist.
Last week, Department of Transportation General Manager Jaime de la Vega said money from the fund should have been injected into the city's general fund, but it was unclear why the transfers never occurred and the fund went essentially unnoticed for so long.