The latest storms hitting California through Tuesday have caused flooding, levee breaks, sinkholes and concerns about the state's dam safety, with even more rain in the forecast next weekend.
The storms were the result of what's known as atmospheric rivers, which produced floods up and down the state and heavy winds that led to several weather-related deaths. There also have been broken levees and caused other stresses to the state's aging flood-control systems.
Money that could have been used to modernize the state's water infrastructure and build more water storage has been held up due to red tape at the state level that requires a lengthy regulatory and bidding process, CNBC reported.
In 2014, California voters approved a water bond that authorized about $7.45 billion in spending, but as of Tuesday $7.39 billion had not been issued, the state Treasurer's office told CNBC on Tuesday.