Editing Half Moon Bay, California (section)

===2008 economic downturn and subsequent recovery===

In 2008, financial setbacks endangered the city's viability. The economic crisis severely affected tourism, which generates the most revenue, and just when the city had finalized an $18{{nbsp}}million settlement over a property lawsuit. As the municipal budget was typically $14{{nbsp}}million or less, city fathers had issued bonds with annual payments of approximately $1 million over 25{{nbsp}}years. As a result of these obstacles, the threat of bankruptcy was very real. Dozens of meetings were held to decide where to cut the budget and finally, 75{{nbsp}}percent of municipal employees were laid off and replaced with contract workers. Employee contributions toward retirement benefits were also raised. The city council sought to regain the money paid in the settlement, believing that it should have been paid by the city's insurers. A lawsuit against the insurers was decided in 2013 and the insurer was ordered to pay the city more than $13{{nbsp}}million; the Association of Bay Area Governments partially covered the costs of the lawsuit.<ref>{{Cite web|url=https://www.smdailyjournal.com/sports/oakland-tops-the-yankees/article_83f9b028-df8c-5796-98e2-c4afa7cfd612.html|title=Oakland tops the Yankees|last=The Associated Press|website=San Mateo Daily Journal|date=June 13, 2013 |access-date=August 12, 2019}}</ref>

The city's finances improved afterward. It was able to retire the first of its two 30-year Judgment Obligation Bonds (2009A Series Bonds) 20{{nbsp}}years early. The early retirement was expected to save the city over $426,000 in annual General Fund expenses starting in 2015{{ndash}}16.{{Citation needed|date=January 2020}}

As of the publication of the Fiscal Year 2015{{ndash}}16 Budget the General Fund budget was balanced and had a structural surplus of $4{{nbsp}}million.<ref>{{Cite web |url=http://hmbcity.com/index.php?option=com_content&view=article&id=124&Itemid=126 |title=Financial Reports |access-date=June 6, 2016 |archive-url=https://web.archive.org/web/20170525002811/http://hmbcity.com/index.php?option=com_content&view=article&id=124&Itemid=126 |archive-date=May 25, 2017 |url-status=dead }}</ref>