Far West

SAN FRANCISCO — ­California is facing a $6.3 billion deficit for the current fiscal year, as well as a $14.4 billion gap in the next one, according to a report the state’s Legislative Analyst’s Office released yesterday.

SAN FRANCISCO — Oakland, California’s eighth-most populous city, may have to sell its convention center or securitize its parking revenues to close a projected $44.3 million general fund deficit over the next two years.

The Indian Wells, Calif., Redevelopment Agency disclosed late Tuesday that the Internal Revenue Service has initiated an audit of $68 million of tax-allocation bonds it competitively sold in 2006.

The Municipal Securities Rulemaking Board yesterday filed proposed rule changes with the Securities and Exchange Commission that would dictate the priority of retail and other customer orders in primary offerings, as well as dealers’ related record-keeping responsibilities.

WASHINGTON — The Obama administration yesterday announced the formation of a multi-agency task force that will investigate and prosecute “significant” financial crimes and civil violations tied to the financial crisis and the government’s economic recovery programs.

WASHINGTON — Lawmakers are pushing for a second economic stimulus bill, and transportation advocates hope it will contain funding for infrastructure without further delaying a multi-year surface transportation reauthorization bill.

The Securities and Exchange Commission has six “significant deficiencies” that prevented it from having effective internal controls over its financial reporting as of Sept. 30, 2009, the Government Accountability Office warned in an audit released this week.

WASHINGTON — State and local housing finance agency officials generally applauded the allocations they received from the Treasury Department for the new-issue bond purchase and temporary credit and liquidity programs, saying they were close to what they requested and should boost ailing housing programs.

The Financial Industry Regulatory Authority censured and fined four firms a total of $175,500 for municipal and other rule violations, including $55,000 against Morgan Stanley for failing to report municipal and corporate securities transactions in a timely manner.

The Municipal Securities Rulemaking Board would have more leeway to select members on a 15-member majority-public board under a revised draft of financial regulatory reform legislation released yesterday by the Senate Banking Committee.