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Download PDF
January – June 2019
Dear friends,
These first six months as the State’s Banker were incredible. We hit the ground running and accomplished so much!
In this special progress report, I share top-line accomplishments achieved thus far by me and my team at the State Treasurer’s Office (STO), including serving as the agent for the sale of more than $7.4 billion in bonds last spring for a wide variety of infrastructure and economic development projects throughout the state. These bond sales included $5.15 billion of voter-approved General Obligation (GO) bonds – $1.47 billion for new projects
and $3.68 in refunding bonds.
The refunding of GO bonds will save the State’s General Fund $1.42 billion over the next 19 years, or $1.1 billion on a present value basis.
Additionally, I am pleased to have been part of the team that worked to pass the most comprehensive tax code overhaul in decades. Legislation I sponsored, AB 147 (Burke/McGuire), was signed by the Governor in April and it establishes a comprehensive set of tax collection rules to promote marketplace fairness for online retailers while also balancing the needs of consumers, small businesses, and local governments. The legislation was a response to the U.S. Supreme Court’s Wayfair decision allowing the collection of sales taxes from out-of-state sellers. I have been proud to lead on this issue for several years.
I’d like to thank you for taking the time to read about our progress to date and to learn more about what we are doing at the STO on your behalf. I’m certain you will agree that my mighty staff of 443 STO employees – including those at 16 Boards, Commissions and Authorities (BCAs) – and I are working hard for you every day. I am proud of each and every one of them and can attest that they are great public servants.
Words cannot convey how much I enjoy being your State Banker. It’s my honor and a privilege to serve you – #ILoveMyJob.
In Peace & Friendship,
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Overview
Fiona Ma is California’s 34th State Treasurer. She was elected on November 6, 2018 with more votes (7,825,587) than any other candidate for Treasurer in the state’s history. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position. Treasurer Ma’s administration began with her official swearing in on January 7, 2019.
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California is the fifth largest economy in the world. Long-term, sustainable investment in our communities will continue to keep our state strong. Treasurer Ma chairs several financing authorities that are perfectly positioned to make such investments. Included among these is an agency – the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) – that awards sales tax benefits to manufacturers, helping them to grow and locate in our state – creating jobs and stronger regional economies.
CAEATFA provided $94.8 million in sales tax benefits to qualified manufacturers, encouraging 18 companies to invest more than $1.1 billion in equipment purchases in rural and urban areas throughout the state, creating strong regional job centers.
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As part of his January budget unveiling, Governor Gavin Newsom announced his goal to build 3.5 million homes by 2025. This goal addresses all types of housing, including workforce and affordable dwellings.
Achieving the Governor’s aggressive goal means getting investors, developers and local and state agencies to work together to construct 500,000 housing units per year. In support of this goal, Treasurer Ma conducted two separate statewide housing tours to hear from stakeholders on how California’s housing regulations could be revamped to better allocate limited development incentives.
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Treasurer Ma serves as the agent for the sale of all State bonds. This past spring the STO sold $7.4 billion in bonds, including:
< ![if !supportLists]>· < ![endif]>$5.15 billion in voter-approved general obligation bonds, including $1.47 billion for new projects and $3.68 in refunding bonds. The refunding of bonds will save the State’s General Fund $1.42 billion over the next 19 years, or $1.1 billion on a present value basis.
< ![if !supportLists]>· < ![endif]>$653.06 million in revenue bonds for The Regents of the University of California. This included $153.06 million for new projects and $500 million in refunding bonds.
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In Governor Newsom’s State of the State Address in January, he reaffirmed that California “will never waver on achieving the nation’s most ambitious clean energy goals.” California is leading on so many green fronts.
Treasurer Ma serves as a member on the Climate Bonds Standard Board, which utilizes rigorous scientific criteria to label investments as “Climate Bond Certified” in certain countries. This body relies on the work of academics, engineers, public policy experts, attorneys, and climate scientists to objectively determine what is green and what is not. In this time when socially conscious investors are demanding more “green” investments, the STO sees the opportunity to demonstrate its leadership.
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