"We speak again of that near-invisible form of local government called special districts usually single-purpose agencies that form an awe-inspiring patchwork quilt above, below and alongside your higher-profile city and county governments. Some special districts deliver your water. Others cart away your sewage. Still others handle regional transportation, fire services, health care, cemeteries heck, some even battle mosquitos and rats! Heaven knows we need separate little governments for that."
"Consider, first, the tremendous growth in their cash and investments: -In 2007, special districts had amassed $17.9 billion in liquid accounts. -In 2017, that total soared to $47.1 billion. -And in 2024, it ballooned to $73.2 billion. Which is to say, special district cash and investments more than quadrupled between 2007 and 2024 (up 309%), while inflation rose just 54%. On average, they hold cash and investments equal to what they spend over 17 months, according to data from the state Controller."
California special districts are near-invisible, usually single-purpose local governments providing services including water, sewage, transportation, fire, health care, cemeteries, and pest control. The 250 wealthiest special districts increased liquid holdings from $17.9 billion (2007) to $47.1 billion (2017) and $73.2 billion (2024), a 309% rise versus 54% inflation. On average, districts maintain cash and investments equal to 17 months of spending. Funding comes from customer rates and fees, property tax shares for some districts, and income from investments. Rapid reserve and revenue growth raises questions about scale, oversight, and public transparency.
Read at www.ocregister.com
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