California

California Gov. Jerry Brown and Democratic legislative leaders reached an agreement Thursday to finalize a budget to close the state's nearly $16 billion deficit.

California retirement system officials have further cut the benefits of two former top Bell employees now facing corruption charges.

Moody's Investors Service has downgraded the Washington Township Health Care District's long-term revenue bonds to Baa1 from A3, affecting $232 million of debt.

California will not see single-digit unemployment until 2013, according to a report by UCLA's Anderson Forecast.

Unions opposed to San Diego's recent overwhelming vote to reform its pension system won two legal victories this week.

Stockton, Calif. has proposed a plan to slash more than $10 million of debt payments to balance its budget while at the same time declaring bankruptcy, if negotiations with creditors fail by Monday's deadline.

SAN FRANCISCO — Moody's Investors Service's recent downgrade to junk of California redevelopment bonds has triggered complaints from state officials, but little evident stir in the market.

SAN FRANCISCO — California lawmakers passed a budget bill last week, but left a lot of details to fill in before the new fiscal year starts July 1.

The California Department of Transportation and the San Francisco County Transportation Authority closed Thursday on financing for the $1.1 billion Presidio Parkway Public-Private Partnership.

As state and local governments grapple with the costs of their employees' retirements, elections in two big California cities may signal a sea change in the pension reform debate.

California’s consumer confidence index increased 2.7% to 92.3 in the second quarter of the year, the highest confidence level since 2007, according to the Chapman University’s Anderson Center for Economic Research.

It was the last spending plan for termed-out Mayor Jerry Sanders, and his administration was not reticent about proclaiming its virtues, issuing a press release declaring it to be “the city’s first structurally balanced in budget in decades.”

The California State Association of Counties has slammed part of a Democratic budget plan in which the state would use $250 million of “pass-through” payments out of property tax increment that had been allotted to counties from the now closed redevelopment agencies.

Fitch Ratings said in a report this week that the credit quality of California’s water agencies is expected to remain strong amid challenges.

SAN FRANCISCO - Moody's Investors Service downgraded all California tax-allocation bonds to junk status Thursday.

SAN FRANCISCO — As California lawmakers work this week to hammer out a balanced budget by Friday’s deadline, Standard & Poor’s weighed in Monday with its take on the state’s dysfunctional spending plan.

Moody's Investors Service downgraded $1.75 billion of San Jose Redevelopment Agency bonds to junk after the city of San Jose said a default was possible because of a conflict over tax revenue with Santa Clara County.

According to California state law, lawmakers only have a week left to wrestle a budget over to the governor's desk, and they just started tackling the beast.

The San Francisco Municipal Transportation Agency announced the appointment Wednesday of Vince Harris as director of capital programs and construction.

Fitch Ratings downgraded $93 million of bonds issued on behalf of Aspire Public Schools to junk because of a lawsuit that could end the charters for half of its schools.