Which school districts are on California’s latest financial danger lists — and why

Oakland, San Francisco and Hayward have joined four smaller districts on the five-alarm fire list of the state’s most financially stressed districts — those flirting with insolvency.

They join 32 districts on a second, cautionary list where there’s smoke but no fiscal flames — yet. The second list, released last week, includes Sacramento Unified, several small rural districts where a small drop in enrollment can pose a financial threat, and two San Jose elementary districts, Alum Rock and Franklin-McKinley, which are closing multiple schools in the fall. Not on the list so far this year is West Contra Costa Unified, which is struggling to stay afloat and received a special “lack of going concern” designation the past three years.