Letter from Treasurer Ma

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.

The STO processes more than $2 trillion in payments within a typical year and provides oversight for the state’s investment portfolio of surplus funds. This progress report is organized around my goal of creating a Treasurer’s Office that is transparent, accountable, proactive, and solution-oriented.

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,

Fiona

Treasurer Ma chairs a meeting of the California Debt & Investment Advisory Commission, one of 16 boards, commissions and authorities for which she is responsible.