San Francisco, CA
S&P puts San Francisco on negative outlook, cites slow recovery – Washington Examiner
(The Center Square) – S&P Global Ratings changed its outlook for San Francisco’s outstanding bonds from stable to negative, citing the slow recovery in the city and county.
S&P Global Ratings, one of the Big Three credit-rating agencies, revised its outlook to negative from stable on the San Francisco City and County outstanding general obligation debt.
“The negative outlook reflects our view of the slow recovery of the city’s major revenue streams and growing budgetary expenditures that will likely lead to continued general fund shortfalls and draws on existing reserves if management doesn’t make substantive budgetary corrections in the near term,” the S&P Global Ratings report stated.
Despite the city’s strong reserves, S&P remains concerned about the city’s ability to correct course.
“The city forecasts consecutive deficits in the coming years that could, in the absence of corrective action or a materially stronger revenue recovery, substantially drain its reserves with evidence of an emerging structural imbalance, resulting in a weaker credit profile,” according to the report. “The recent general fund deficit in fiscal 2023 as well as the forecasted deficits in the city’s five-year forecast, is a consequence of the stagnant economic recovery in the city’s downtown center, which has weakened property tax and business tax growth, coupled with an absence of sufficient budgetary corrections.”
Making the right changes could prove difficult, S&P said.
“We believe the city will be challenged to make the cuts needed to fully restore budgetary balance during the outlook horizon and support a delicate economic recovery that leads to robust growth in underlying revenues needed to support the city’s growing budgetary costs,” according to the report.
San Francisco’s famed Fisherman’s Wharf district is seeing a surge in sea lions.
They’re lounging, biting each other and generally making a ruckus in numbers not seen in more than a decade.
First appearing at Pier 39 after the 1989 earthquake, the sea lions have become a well-known tourist attraction.
The number of sea lions crashing at the pier fluctuates over the seasons. On most days more than a hundred can be seen.
But this week, Pier 39 has counted more than one thousand sea lions, the most they’ve seen there in 15 years.
SAN FRANCISCO (KGO) — From the stages to the food trucks, San Francisco took another step towards a comeback Thursday night with its first Downtown First Thursdays.
“Make it feel like there are actually things that are happening in downtown San Francisco and make us think of a future in this city, that gives us hope,” said San Francisco resident, Kenny Green.
Thursday night’s kickoff marked the first of many block parties in the SoMa District, scheduled for the first Thursday of each month. “It’s a fun vibe and it’s nice to see a lot of the stores I see at other events, and the food smells great,” said San Francisco resident, Neeti Ganjur.
MORE: Can you find them? Scavenger hunt underway throughout San Francisco for valuable hidden coins
“San Franciscans need to remember we are great at throwing a party and celebrating; getting people back to downtown,” said District 6 Supervisor Matt Dorsey. “Hopefully this is the kind of thing that makes people who have the option of working from home or commuting want to come downtown and that’s good for our businesses.”
“Even if people come downtown to work they leave as soon as it’s done, so it’s fun to have something nearby for all the coworkers and friends to join up and enjoy time together downtown,” said San Francisco resident Mary Keenan.
And for business owners like jeweler Meghan Zore, the event is a welcome sight.
“I mean they’re expecting 10,000 people tonight – that’s amazing on a Thursday,” Zore. “San Francisco in my mind is hope. San Francisco is change. We’re going through a transition period, but all that means is an opportunity for new stuff to bloom.”
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Volunteers from the Gap, JP Morgan Chase, Levi Strauss, Visa, and Wells Fargo stepped outside their office buildings on Thursday and into the streets and parks of San Francisco, ready to clean up.
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