Oakland's credit rating cut by Fitch as city tries to plug budget gaps
Briefly

from www.mercurynews.com2 months ago
Fitch Ratings downgraded Oakland's credit rating from AA- to A due to challenges of closing budget gaps amid political leadership changes, projecting deficits for the fiscal years.
www.mercurynews.comhttps://www.mercurynews.com/2024/12/03/oaklands-credit-rating-cut-by-fitch-as-california-city-tries-to-plug-budget-gaps/
Pressure to improve public safety significantly influenced the recent recall of Oakland's mayor, reflecting public discontent as over half of the city's main budget is for public safety.
www.mercurynews.comhttps://www.mercurynews.com/2024/12/03/oaklands-credit-rating-cut-by-fitch-as-california-city-tries-to-plug-budget-gaps/
A $79 million deficit was reported for the fiscal year ending June, with a projected gap of $93 million for the current fiscal year, indicating serious fiscal distress.
www.mercurynews.comhttps://www.mercurynews.com/2024/12/03/oaklands-credit-rating-cut-by-fitch-as-california-city-tries-to-plug-budget-gaps/
Delays in the sale of the Oakland-Alameda County Coliseum prevented the city from avoiding budget cuts, triggering enforcement of a contingency budget that included public safety cuts.
www.mercurynews.comhttps://www.mercurynews.com/2024/12/03/oaklands-credit-rating-cut-by-fitch-as-california-city-tries-to-plug-budget-gaps/
Read at www.mercurynews.com
#oakland #credit-rating #budget-deficit #political-leadership #public-safety
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