Can the Springs Be Preserved?
Inflated expectations, big debts and the future of the city’s most heralded park
June 23rd, 2011
If the Water District were a for-profit business, somebody in the executive suites would be in a panic. It has about 1,000 employees, $930 million in long-term debt and a shrinking demand for its product. But it’s not a business; it’s a 57-year-old government agency with cash reserves of $119 million. And there will always be demand for what the Water District sells. It will just have to do a better job of balancing revenues and expenses. But one particular expense has brought the Water District in for criticism, a line item that runs down the ledger like a drippy faucet: the Springs Preserve. Read more »