From the Public Policy Institute of California – As California responds to yet another drought and prepares for a future of greater climate extremes, securing funding to boost the water system’s resilience is a top priority. One go-to funding source over the last two decades has been state general obligation bonds. California spends about $37 billion annually to supply communities and farms with water, prevent water pollution, protect freshwater ecosystems, and manage floods. The bulk of this funding (84%) comes from local sources (primarily water and wastewater bills), and the rest from state (13%) and federal (3%) contributions. Water bonds make up about 45% of the state’s share, or 5% of total system spending. This includes about $1 billion a year for new project support, and a similar amount to reimburse principal and interest on past bonds. (more)