California

LOS ANGELES - California's local governments often complain about the state balancing its budget at their expense, but the Orange County Board of Supervisors decided to do something about it.

SAN FRANCISCO - Voter-approved pension reform measures in San Francisco and Modesto could signal a sea change in efforts by California cities to contain rising unfunded liabilities, according to Fitch Ratings.

SAN FRANCISCO - California will likely face a deficit of almost $13 billion in the next fiscal year, according to a revenue forecast released Wednesday by the Legislative Analyst's Office.

SAN FRANCISCO - After trailing in election-night counts, a sales tax measure in Vallejo, Calif., meant to help the beleaguered city restore services has mounted a comeback in late vote tallies to take a slim lead with ballots left to be counted.

SAN FRANCISCO - California's Department of Finance said Monday that state revenues continue to slip compared to budget forecasts, leading the Golden State closer to mid-year budget cuts.

Montebello, a Los Angeles-area city that has been the subject of multiple investigations and audits, issued $2.5 million of tax and revenue anticipation notes at a 4.85% interest rate Thursday.

California's redevelopment agencies may be closer to death's door than previously thought after a state Supreme Court hearing on Thursday.

The on-again, off-again plans for an extension to a toll road that serves as an alternative to congested Interstate 5, the only freeway linking Orange County to San Diego County, looks to be back on again.

Voters in Vallejo, which recently exited bankruptcy, appeared set to defeat a 1% sales tax hike measure after Tuesday's election.

Moody's Investors Service Tuesday downgraded Stockton's issuer rating to Baa1 from A3 as the city's fragile budget continues to face challenges.

The San Diego city clerk has certified a pension reform measure for the city's June 2012 election.

SAN FRANCISCO - The San Diego Unified School District's board, after warning in October that the district could face insolvency and after being downgraded last week, is now talking about placing a $1.5 billion to $2 billion bond issue on the ballot in November 2012.

LOS ANGELES - The University of California, Los Angeles, plans to build a $152 million on-campus hotel and conference center to be funded by a $40 million donation and $112 million of bonds.

BRADENTON, Fla. - Memphis-based Morgan Keegan & Co. has hired Rob Larkins as a managing director to head up the firm's new public finance office in San Francisco.

SAN FRANCISCO - The San Jose Redevelopment Agency has received an extension on letters of credit from JPMorgan on $95 million of variable-rate debt, avoiding the threat of a default this month.

SAN FRANCISCO - California's plan for a bond-funded high-speed train system just got more expensive. Fifty billion dollars more expensive.

Standard & Poor’s Monday lowered its rating on the San Diego Unified School District’s general obligation bonds to AA-minus from AA and gave the district a negative outlook.

A San Diego taxpayers’ watchdog group released a report Tuesday that says the Southern California Metropolitan Water District has accumulated more than $600 million in unfunded liability for retirees since 1999, according to published reports.

Santa Monica planned to sell $41 million of lease-revenue bonds this week to fund renovations of a parking garage to serve the city’s downtown shopping area and to refund existing bonds.

Adventist Health closed a deal Monday to take over the formerly bankrupt Sierra Kings Heath Care District’s Central California clinics and hospital.