i was at san carlos beach last week, saw the signs you mentioned, and called the number on the sign. the health department answered and when i told them i was planning to dive, they transfered me to an inspector. they guy i talked to was very helpful, and tried to convey the relevant information in layman's terms (as requested). one of several items they measure (fecal coliforms) was 150 (ppm?) vs the limit of ~104 (ppm?). everything else was well below established thresholds. i asked if there had been a sewage spill, and got a soft 'no' (nothing confirmed), and an equally soft 'this happens when the waters are so calm, so we don't yet know they reason for this reading'.
i ran into a few local divers on the beach and asked if there had been a spill, figuring it would be in the local news, and got a clear 'no news of a sewage spill'.
i made the decision to dive anyway, but take extra care to wash up afterwards. the vis was 30'+ along the end of the coast guard pier so it was worth it to me.
moral of the story: check the link provided by cmburch, or call the health department and talk to an inspector to get the lastest. the folks i talked to were very helpful and courteous, especially when i said i drove down to dive.