Almost two years ago California voters, in the midst of a historic drought, passed Proposition 1, a $7.5 billion bond measure intended to ease water shortages by funding new projects.

At this point, many Californians are wondering where all that money went.

Most of it hasn’t gone anywhere, yet. According to a recent report by the Public Policy Institute of California (PPIC), just 2 percent of the bond money has been spent so far – about $177 million. The rest awaits a lengthy process of vetting funding requests.