Understanding California’s balance sheet for water—how much there is, who has claims to it, and what is actually being “spent”—is key to effective and sustainable water management, especially during droughts. But the state’s system of accounting is outdated and ineffective for managing some of our biggest water challenges, according to new research from the PPIC Water Policy Center. A group of water management experts gathered to discuss the topic at a PPIC event last week. These weaknesses make it harder to manage groundwater, water for the environment, surface water allocations, and water trading, he said.