California

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.

The struggling city of Hercules, Calif., got two boosts from voters on Tuesday.

Voters in California Tuesday appeared to reject a ballot initiative that would have increased taxes on cigarettes by $1 a pack.

California voters Tuesday overwhelmingly approved a proposition that changes term limits for lawmakers.

SAN FRANCISCO — Voters in California' statewide primary Tuesday approved 23 local general obligation bond measures, authorizing $1.856 billion in debt, according to a preliminary report from CaliforniaCityFinance.com.

Confusion over the law ending redevelopment agencies in California has raised the specter of defaults on San Jose redevelopment debt as city officials squabble with Santa Clara County officials over tax revenue.

SAN FRANCISCO — Standard & Poor’s said it has dropped the underlying rating on two Stockton water revenue bonds by three notches to BB-plus amid a looming default as the California city considers bankruptcy.

As California lawmakers dither over legislation to clean up the messy and sudden dissolution of the state's redevelopment agencies, cities are turning to the courts for clarity.