L.A. Council's private piggy bank

Amid a budget crisis that has city officials preparing for layoffs and scrambling for savings, the Los Angeles City Council is sitting on some $12 million in spending money. Kerry Cavanaugh in the Daily News.

Cash allocated annually from the city budget, along with money from the sale of city property and from advertising revenue, is set aside for individual council members to fund pet projects ranging from community events to street improvements.

But with a budget deficit this year and a shortfall estimated at $450 million next year, some city leaders are eyeing the funds to help close the gap.