California voters have approved billions of dollars in bonds. Why don’t we track results?

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Guest Commentary written by

Cathy Cockrum Dean

Cathy Cockrum Dean is president and founder of Elevate California.

Californians have consistently invested in new government programs. Over the past quarter century, voters have approved tens of billions of dollars in state bonds to build schools, improve water systems, address climate risks, expand housing opportunities and strengthen public infrastructure. Those investments shape daily life across our state. 

Yet years after the votes are counted and projects are underway, it can be surprisingly difficult to answer a simple question: Did we get the results we were promised? 

California has long tracked how bond dollars are spent, to guard against waste and fraud. We have yet to consistently measure whether those investments achieved the outcomes voters expected. 

That distinction matters. Since 2000, the state has issued $196 billion in general obligation bonds and now has $81.8 billion bonds outstanding. This fiscal year alone the state will spend nearly $8.6 billion servicing bond debt. 

These investments support priorities Californians overwhelmingly value, allowing the state to finance projects that benefit generations of residents while spreading costs over time.

As these investments grow, so should our commitment to tallying their impact. 

Did a bond-funded program improve wildfire resilience? How many families benefited from new housing investments, and did the investments increase affordability? Did infrastructure projects deliver the benefits promised? 

These are questions investors ask. The government and voters should ask them, too.