California is running out of cash, according to the man who keeps track of the state's finances, Controller John Chiang. In a letter to state legislators, Chiang wrote that the state will be $730 million in the red by March 8. The reason for the shortfall? Tax revenues are $2.6 billion less than the state anticipated. He said that the state can come up with the $3.3 billion it needs ......

The city of Oakland issued layoff notices on Wednesday to 2,500 employees to cope with the state's decision to eliminate redevelopment agencies statewide. However, city officials estimate that only about 200 employees actually will be laid off. City leaders said they are issuing the notices to most city employees so that the City Council has maximum flexibility in making job cuts. Mayor Jean Quan and City Administrator Deanna Santana will ......

California Gov. Jerry Brown will slice $1 billion from higher education, social services and public school bus service under a revised budget forecast released Tuesday. Most of the midyear budget cuts will go into effect Jan. 1. The so-called "trigger cuts" are tied the state's revenues, which were $2.2 billion less than the projections included in the budget approved last summer. The University of California and California State University will ......

Bad news for Meals on Wheels. The congressional supercommittee has failed to come up with a plan to slash the federal deficit by $1.2 trillion.  Failure to reach an agreement triggers $600 billion in automatic spending cuts in domestic programs, including the delivery of meals to homebound elderly people, and another $600 billion from defense programs, as The Bay Citizen reported. President Barack Obama said that any attempt by Congress ......

The man charged with determining the value of South Bay real estate has a message he'd like to share with the public: "Silicon Valley’s economy has finally hit bottom, and is showing meager signs of improvement," Santa Clara County Assessor Larry Stone said in his annual report, released Wednesday. For the first time in three years, Stone reported, property values actually improved in the South Bay. The total assessed value ......