2019
Letter from Treasurer Ma
In this “Highlights” report, top-line achievements made by the State Treasurer’s Office (STO) from July through December of 2019 are noted. Accomplishments for the first half of the year were reported at the end of June. The second half of the year went by just as fast as the first six months.
Overview
Treasurer Ma actively sponsored legislation during her first year in office with the following signed into law by Governor Newsom in the latter half of the year...
Financial Wellness
CalSavers, the groundbreaking new retirement savings program, completed its pilot project and opened fully statewide in July. By December, the program had more than 3,200 funded accounts and $1.2 million in assets, all well before the first deadline for employers to comply with the new law in June 2020.
Environment
The committee held its first meeting in June and its second in November. It is an ad hoc group appointed by the State Treasurer to promote and expand the use of green bonds for climate-resilient infrastructure in California.
Jobs
In September, the California Debt Limit Allocation Committee (CDLAC) board, chaired by Treasurer Ma, approved a provisional private activity bond allocation of $300 million for Xpress West / Virgin Trains to finance a ground-breaking high-speed rail line that will connect Southern California to Las Vegas.
Community Outreach
One priority of the Treasurer’s External Affairs team is to build strong, strategic relationships with groups with missions similar to the Treasurer’s and her programs. This included outreach to Economic Development Corporations and chambers around the state to promote affordable housing, small business incentives, energy efficiency, retrofit financing, and much more. External Affairs also...
Housing
The California Tax Credit Allocation Committee (CTCAC) administers federal and state low-income housing tax credit programs. Traditionally CTCAC has administered approximately $100 million per year in state tax credits. With the passage this year of AB 101, CTCAC is providing an additional $500 million in state tax credits specifically to target new construction of affordable units, beginning in 2020.
This progress report is not intended to be and should not be used for making investment decisions about State of California bonds or notes. Potential investors should always obtain and read the Official Statement published by the State for each issue of bonds or notes.
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