California Debt and Investment Advisory Commission

Commission Overview

The California Debt and Investment Advisory Commission was created by the California Legislature to assist state and local agencies with the issuance, monitoring, and management of public debt and the investment of public funds through its research and technical assistance programs. CDIAC also acts as the State's clearinghouse for public debt issuance information.

Commission Members

Fiona Ma

Fiona Ma, CPA
State Treasurer


Background: Ms. Fiona Ma was elected California State Treasurer in November 2018. She previously served as Chair and Vice Chair of the California State Board of Equalization from 2015 to 2019, representing more than nine million taxpayers. There, she led historic reforms to increase efficiency and transparency at the agency. As a state legislator, she was the first and only Asian-American woman ever elected California Assembly Speaker pro Tempore, the second-highest ranking office in the Assembly. During her time as a legislator, she passed landmark legislation to ban toxic chemicals in children’s toys, protect small business-owners and expand opportunities for homeowners. She previously served as a San Francisco Supervisor.

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Gavin Newsom

Gavin Newsom
Governor

Background: Gavin Newson is the former Lieutenant Governor of California and the former Mayor of San Francisco, California.
Newsom is widely recognized for his willingness to lead – repeatedly developing, advocating, and implementing innovative and groundbreaking solutions to some of our most challenging issues. On a wide range of topics including same-sex marriage, gun safety, marijuana, the death penalty, universal health care, access to preschool, technology, criminal justice reform, and the minimum wage, Newsom stuck his neck out and did the right thing, which often led to sweeping changes when his policies were ultimately accepted, embraced, and replicated across the state and nation.

Newsom’s top priorities for his administration are tackling our state’s affordability crisis, creating inclusive economic growth and opportunity for every child, and standing up for California values — from civil rights, to immigration, environmental protection, access to quality schools at all levels, and justice.

Governor Newsom is married to Jennifer Siebel Newsom. They have four children: Montana, Hunter, Brooklynn, and Dutch.

 
Betty Yee

Betty T. Yee
State Controller

Betty T. Yee was elected Controller in November 2014, following two terms on the California Board of Equalization (BOE). As the state’s chief fiscal officer, Yee chairs the Franchise Tax Board and serves as a member of the California Public Employees’ Retirement System and the California State Teachers’ Retirement System boards, and she continues to serve BOE as its fifth voting member. Yee also serves on the board of Ceres, a nonprofit working to mobilize large investors to advance global sustainability and take stronger action on climate change. Yee serves on dozens of boards and commissions with authority ranging from land management to crime victim compensation. As a member of the State Lands Commission (and chair in even-numbered years), she helps steward public trust lands, waterways, wharves, and resources—including oil, gas, and geothermal—through economic development, protection, and restoration consistent with environmental needs. Through financing authorities, Yee works to create incentives to increase affordable housing in California.

Controller Yee has over 30 years’ experience in public service, state and local finance, and tax policy. As Chief Deputy Director for Budget with the California Department of Finance, she led development of the Governor’s Budget. Prior to this, she served fiscal and policy committees in both houses of the California Legislature.  She cofounded the Asian Pacific Youth Leadership Project, which exposes California high school youth to public policy and public service. A native of San Francisco, Yee received her bachelor’s degree in sociology from the University of California, Berkeley, and holds a master’s degree in public administration.

 
Sabrina Cervantes

Sabrina Cervantes
Assemblymember, 60th District


Background: Sabrina Cervantes was elected in November 2016 to represent California’s 60th Assembly District, which includes the communities of Corona, Eastvale, Jurupa Valley, Norco, and Riverside. A committed public servant, Sabrina Cervantes has demonstrated a history of civic engagement to enhance the communities and lives of all Riverside residents. As a lifelong Riverside County resident herself, she has been a strong advocate for families in the Inland Empire. As a former District Director for the Assembly she worked alongside community organizations to enhance the local economy, broaden access to higher education, and improve the access to governmental services for the residents of Riverside. Her extensive knowledge in the Riverside community has aided her in understanding the critical elements that residents need to be successful.

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Cottie Petrie-Norris

Cottie Petrie-Norris
Assemblymember, 74th District


Background: Cottie Petrie-Norris represents California’s 74th Assembly District – Costa Mesa, Laguna Beach, Laguna Woods, Newport Beach, and portions of Irvine & Huntington Beach. Cottie Petrie-Norris is a businesswoman and community leader who was elected to the State Assembly in 2018. In her first term, Cottie has secured millions of dollars in funding for projects in our district and introduced important legislation to combat sea level rise, improve services for veterans and help small businesses.

Cottie serves as Chair of Assembly’s Accountability and Administrative Review Committee and as Chair of the Select Committee on Small Business and Entrepreneurship. She also serves on the Assembly’s committees for Banking & Finance; Revenue & Taxation; Jobs, Economic Development and the Economy and Veterans Affairs.

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Steven Bradford

Steven Bradford
Senator, 35th District

Background: Steven Bradford brings a lifetime of experience to the California State Senate. In over two decades of public service – first as a Gardena City Councilmember, then as a State Assemblymember and now as a State Senator - Bradford has proven himself to be an unwavering citizen activist. He views himself as a public servant and not a politician. Public service was instilled in him by his parents who taught him the value of giving back to the community.

Prior to his service in local and state government, Bradford was a Public Affairs Manager for Southern California Edison, District Director for the late Congresswoman Juanita Millender-McDonald, Program Director for the LA Conservation Corps, and worked for seven years as a marketing and sales representative for International Business Machines Corporation (IBM).

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Patricia C. Bates

Patricia C. Bates
Senator, 36th District

Background: My name is Patricia C. Bates, but I am better known as “Pat.” It is an honor to serve as the senator for the 36th District in the California State Senate since December 1, 2014, representing 1 million people living in South Orange and North San Diego counties. Elected public service was not something I sought growing up. It came gradually when I became a wife, mother, and community volunteer. After graduating from Occidental College with a degree in psychology, I took a job as a social worker for Los Angeles County, where I helped some of our most vulnerable neighbors get back on their feet.

In addition to my work representing the 36th Senate District, I also serve as the Senate Republican Leader Emeritus, where I work with Senate leadership to help the institution run smoothly. I served as the Senate Republican Leader from April 2017 to March 2019, becoming only the second woman to lead a party caucus in the Senate’s history. As Leader, I ensured that all voices across the political spectrum were heard in the Senate and worked with Senate President pro Tem Toni Atkins to improve the process to report sexual harassment and holding offenders to account.

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Sandie Arnott

Sandie Arnott
Treasurer-Tax Collector, County of San Mateo


Background: Sandie Arnott is the first woman elected to the position of Treasurer Tax Collector of San Mateo County. She was first elected in November, 2010 and re-elected in June, 2014 & 2018. She is responsible for oversight of 40 staff members. She was initially employed by the Treasurer-Tax Collector’s office in 1989 and served as Deputy Treasurer-Tax Collector since 2002.

Since her election, Ms. Arnott's priorities have been focused on improving payment processes, making them more efficient and Green. She opened remote tax collection locations in South San Francisco and Half Moon Bay and provides mailbox drop-off service during peak tax collection periods (for which she received a County STARS award in 2019). Live chat website assistance (for which she received a County STARS award for customer service in 2013) and online property auctions were introduced in 2011. E billing of property tax bills went live in fiscal year 2015-16 and a new IVR (interactive voice response) telephone answering service went live in August, 2018. She is a staunch supporter of the Senior Citizens and Disabled Property Tax Postponement Program which was reinstated in 2014 and went live in 2016. Ms. Arnott authored AB2738 which was adopted by Assemblywoman Kristen Olsen and signed into law by the Governor on 9/22/16. This new law, effective 1/1/17, dis-allows school districts and community college districts from claiming bond proceeds as surplus funds and withdrawing them from the County treasury for investing by a school or community college district. This law protects taxpayer dollars by ensuring they remain in the treasury and are withdrawn solely for the projects stated within the bond measure presented to voters. Ms. Arnott is currently in the process of implementing a new property tax system (TaxSys) by the Grant Street Group and is the first county in California to implement their system. The go-live date is set for July, 2019.

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Lakshmi Kommi

Lakshmi Kommi
Director of Debt Management, City of San Diego


Background: Lakshmi Kommi currently serves as the Director of Debt Management for the City of San Diego and has over 25 years of experience in municipal finance. She has overseen numerous public offerings, private transactions, loan programs, and manages a large debt portfolio consisting of a variety of credits. In addition to implementing complex financing plans while keeping the City’s costs low and financing processes efficient, she manages a citywide Formal Compliance Monitoring Program to ensure the City is in full compliance with the bond covenants, securities disclosure responsibilities, and California local government reporting requirements. Her current interests are in the areas of identifying creative financing solutions for investments in climate action, stormwater system management, and public infrastructure.

Ms. Kommi has served on the Municipal Securities Rulemaking Board as a public member in years 2013- 2019 and was the founding member of the Women in Public Finance forum for San Diego region. She sits on the City of San Diego’s Disclosure Practices Working Group and is the finance lead for the City’s Capital Improvements Program Review and Approval Committee.