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January 2020

Dear Friends,

A core mission of the State Treasurer’s Office is managing the financing of California’s debt. Read about the issuing of bonds and the related activities that take place within the Public Finance Division of my office in “ABCs of the BCAs.”

In this month’s issue you’ll also find the answer to a question that has come up more times than you might guess. What is the difference between the State Controller’s Office and the State Treasurer’s Office? You’ll find the answer, and a handy one-sentence summary, in “Ask the Treasurer.”

It has been a great first year for me as your State Treasurer, by the way. I am quite proud of what my team and I have accomplished. And we are eagerly looking forward to all we stand to accomplish in the new year.

If you would like to learn more about those accomplishments, I invite you to visit my website and download a copy of our “Year-End Highlights.”

Best wishes for a successful and inspiring 2020!

In Peace & Friendship,

California State Treasurer

Click to Read the Full Letter





Sandra Kent

Heart of the Treasury

You might remember Sandra Kent. Sandra was employee of the month in July. In December, she was also named STO Employee of the Year!

Congratulations Sandra!

Sandra is an analyst with the California Debt and Investment Advisory Committee’s (CDIAC) Education and Outreach Unit. In addition to acting as a clearinghouse for information, CDIAC provides education and technical assistance on debt issuance and public fund investments to local public agencies and other public finance professionals.



People making plans

ABCs of the BCAs

Public Finance Division (PFD)

At the core of what the State Treasurer’s Office does
day in and day out are the activities of the Public Finance Division (PFD). But everything from the communities in which we live to the national financial markets are affected by what goes on in this important division of the State Treasurer’s Office.

Treasurer Fiona Ma, supported by the PFD, acts as the agent for sale on all state bonds, including conduit bonds issued by state financing authorities. Through the PFD and the sale of bonds the state acquires funding for projects that benefit the public. California voters often mandate such bond issues.



Fiona Ma

Ask the Treasurer

Dear Fiona,

What is the difference between State Treasurer and State Controller?

– Adam



Top Billing

A monthly update on key legislation for Treasurer Ma



With the end of the 2019 legislative session, Top Billing is on legislative recess. Look for news of key legislation for Treasurer Ma to return soon.



A Tax Tip

Did you know that if you purchased holiday gifts online and were not charged sales tax, you likely owe the state use tax on the purchase price?  Not all remote sellers are required to collect California sales tax, so if the seller didn’t charge you tax, then you, as the consumer, are responsible for paying it.  Generally, if the item would have been taxable if purchased from a brick-and-mortar retailer in California, it is subject to use tax.  Use tax is owed by April 15 in the year after you make a purchase for which California tax was not charged.  You may report use tax on your California state income tax return or to the California Department of Tax and Fee Administration by visiting  

For more information on the use tax, refer to CDTFA Publication 110, California Use Tax Basics, available online at



Calendar of Upcoming BCA Events

Board, Commissions and Authorities (BCAs) within the State Treasurer’s Office


January 15-16

California Debt and Investment Advisory Commission – Advanced Public Funds Investing: The Analytics of Portfolio Selection and Decision-Making In Collaboration with California Municipal Treasurers Association

Claremont, California

Details: For more information and to register, visit the Treasurer’s website



The Vault

Calendar of recent and upcoming public finance activities and bond sales


Date to be Determined

California Earthquake Authority: Revenue Bonds, Series 2020 (Federally Taxable) ($300 million)

The bond proceeds will be used to augment the California Earthquake Authority’s claims-paying ability for earthquake damages



The Ma Squad


Visiting the new UnitedAg Health & Wellness Center in Selma, California

Visiting the new UnitedAg Health & Wellness Center in Selma, California. The center serves farm workers and their families. Front row, left to right: UnitedAG Health & Wellness Center Nurse Practitioner Johnny Jimenez, Treasurer Ma, PacificAg Consulting owner and President Thomas Amaro. Back row (left to right): CA Health Facilities Financing Authority Executive Director Frank Moore, Bream Family Farms President Eric Bream, Elite Corporate Wellness owner and CEO Nicholas Gambini, the Treasurer’s Central California External Affairs Representative Seth Doulton, Deputy Treasurer Audrey Noda, CHFFA Deputy Executive Director Carolyn Aboubechara.

Treasurer Ma and Senate President pro Tempore Toni Atkins at the opening of the Bluewater and Stella

Treasurer Ma and Senate President pro Tempore Toni Atkins at the opening of the Bluewater and Stella state-of-the-art low-income housing project in San Diego. From left to right: San Diego Housing Commission President and CEO Richard Gentry, developer Affirmed Housing Vice President Jimmy Silverwood, Treasurer Ma, Affirmed Housing President and CEO James Silverwood, Senator Atkins.


Valley Children’s Healthcare President and CEO Todd Suntrapak and Treasurer Ma

Valley Children’s Healthcare President and CEO Todd Suntrapak and Treasurer Ma tour the hospital’s Madera, CA, facilities to see firsthand the significant impact the Children’s Hospital Bond Act funding has on children’s programs and services, including the expansion and renovation of essential patient care areas and equipment throughout the hospital.

The Treasurer’s team at the California State Association of Counties’ Annual Conference

The Treasurer’s team at the California State Association of Counties’ Annual Conference. From left to right: Northern California External Affairs Deputy Noah Starr, Rachell Owen-Reinwald, External Affairs Central California Representative Seth Doulton, California Pollution Control Financing Authority Deputy Director Janae Davis, California Health Facilities Financing Authority Deputy Director Carolyn Aboubechara.





Did You Know?


Public tours of your state Capitol are conducted each week,
every hour during business hours.

Just show up at Room B-27! For more details, call (916) 324-0333.




Capitol Dome


State Treasurer's Office Sign








California State Treasurer Fiona Ma, 915 Capitol Mall, Sacramento, CA 95814, United States
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