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, CPA
State Treasurer
Fiona Ma is California’s 34th State Treasurer. She was first elected on November 6, 2018, with more votes (7,825,587) than any other candidate for treasurer in the state's history and reelected on November 8, 2022. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position. The State Treasurer’s Office was created in the California Constitution in 1849. It provides financing for schools, roads, housing, recycling and waste management, hospitals, public facilities, and other crucial infrastructure projects that better the lives of residents. California is poised to become the world’s fourth-largest economy and Treasurer Ma is the state’s primary banker. Presently, her office processes more than $3 trillion in banking transactions. She provides transparency and oversight for the government’s investment portfolio and accounts, as well as for the state’s surplus funds. Treasurer Ma oversees an investment portfolio that currently averages over $200 billion—a significant portion of which is beneficially owned by more than 2,200 local governments in California. She serves as agent of sale for all State bonds and is trustee of billions of dollars of state indebtedness.
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.
Malia M. Cohen
State Controller
State Controller Malia M. Cohen was elected in November 2022, following her service on the California State Board of Equalization (BOE), the nation’s only elected tax commission responsible for administering California’s $100 billion property tax system. She was elected to the BOE in November 2018 and was Chair in 2019 and 2022. As Controller, she continues to serve the Board as its fifth voting member.
As chief fiscal officer of the world’s fifth-largest economy, Controller Cohen’s primary responsibility is to account for and protect the state‘s financial resources. Controller Cohen also independently audits government agencies that spend state funds, safeguards many types of property until claimed by the rightful owners, and administers the payroll system for state government employees and California State University employees. She serves on 70 boards and commissions with authority ranging from affordable housing to crime victim compensation to land management.
David Alvarez
Assemblymember, 80th District
Assemblymember David Alvarez was elected to the California State Assembly in June of 2022 to represent the 80th Assembly District in San Diego County.
Assemblymember Alvarez is a small business owner and has served for fifteen years in government, including eight years as a San Diego City Councilmember. A proud advocate of the underserved in San Diego, his previous successes included building parks, libraries and fire stations in neighborhoods that did not have them.
Assemblymember Alvarez is Chair of the Joint Legislative Audit Committee and serves on the following legislative committees: Aging and Long-Term Care, Business and Professions, Military and Veterans Affairs, Rules, Joint Legislative Audit Subcommittee on the Selection of the State Auditor, and the Select Committee on California-Mexico Bi-National Affairs. Assemblymember Alvarez is also a member of the CSG West Border Legislative Conference and the Colorado River Forum.
During his brief time in office, Assemblymember Alvarez has supported historic investments in both K-12 and higher education, increasing childcare funding, economic relief for working families and investments in housing and critical infrastructure improvements. He was able to secure $25 million in state funding for a new state of the art Cinematic Arts Library in east Chula Vista which will include expansion of San Diego State University’s Film School, bring four year and graduate degrees to South County, and planning for a future university in Chula Vista.
David was born and raised in Barrio Logan. David and his wife Xochitl, a lifelong educator also from the area, are raising their daughter and son in the community they grew up in. He most recently volunteered on the boards of Kim Center for Gender Equity, Camarada, the San Diego Coffee Training Institute, Circulate San Diego and his children’s school PTA.
Avelino Valencia
Assemblymember, 68th District
Avelino Valencia was elected to the California State Assembly in November of 2022 to represent the 68th Assembly District, which includes the cities of Anaheim, Santa Ana, and Orange.
Avelino grew up in Orange County, the son of immigrant parents who built a successful small business. He attended local public schools from elementary through high school. Avelino earned an associate degree from Fullerton College, a bachelor’s degree from San Jose State University, and a master’s degree from Johns Hopkins University. After playing division one college football and briefly pursuing a career in the National Football League (NFL), Avelino coached at Fullerton College. He also taught as a special education instructional assistant in the Anaheim Elementary School District. Avelino served as a Councilmember for the City of Anaheim from 2020-2022. Prior to that, he was the Chair of the City of Anaheim’s Budget, Investment, & Technology Commission from 2016-2020.
As a Councilmember, Avelino worked to speed up the rollout of COVID-19 vaccines, expand access to mental health resources, develop new city parks, establish a small business assistance program, and increase accessibility to housing, all while being a responsible fiscal steward of tax dollars. He also worked closely with local police officers, firefighters, and paramedics to make neighborhoods safer and improve emergency response times. As the chair of the City of Anaheim’s Budget, Investment, and Technology Commission, Avelino focused on economic growth, improving the city’s long term financial stability, and safeguarding public resources on behalf of taxpayers.
In the State Legislature, Assemblymember Valencia will listen, work hard, and build the coalitions necessary to reduce homelessness, protect public health, enhance schools, restore lost jobs, decrease crime, combat climate change, expand infrastructure, and improve the quality of life for the residents of the 68th Assembly District. Avelino is married to this high school sweetheart, Dr. Monica Valencia, who is a local elementary school principal.
Timothy Grayson
Senator, 9th District
After serving in the Assembly for eight years, Timothy Grayson was elected to the State Senate in November 2024 and represents the 9th District, which encompasses portions of Contra Costa and Alameda counties. As a Legislator, Grayson has focused on addressing California’s housing and affordability crises, increasing our budget reserves and access to higher education, and supporting victims of crimes, amongst other priorities. Grayson serves as Chair of the Senate Banking and Financial Institutions Committee. A longtime Easy Bay resident, Tim lives in Concord where he raised his two kids and his wife of more than 35 years, Tammy.
Laura Richardson
Senator, 35th District
Senator Laura Richardson, elected to the California Senate in November 2024, represents the South Bay communities of the 35th Senate District. Born in Los Angeles, she holds a bachelor’s degree in Political Science from UCLA and an MBA from USC. She is a dedicated public servant with a background as a Long Beach City Councilmember, California State Assembly Member, and three-term U.S. Congress Member, setting a record of distinction in having served all three levels of government within a 12-month span. Her policies have focused on healthcare access, community safety, and educational and career opportunities. Prior to elected office, she spent 14 years at the Xerox Corporation. She currently resides in San Pedro and enjoys singing in her local choir.
Sandie Arnott
Treasurer-Tax Collector, County of San Mateo
Sandie Arnott is the first woman and first Latina 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 and 2022.
Since her election, Ms. Arnott's priorities have been focused on improving payment processes, making them more convenient, efficient, and green. She was awarded the County STARS Award for Customer Service for implementing a Chat Line on the department website and for installing a mobile mailbox to better assist the elderly and disabled. She is very active in legislation affecting taxpayers and authored AB2738 signed into law by the Governor on 9/22/16. This new law dis-allows school districts and community college districts from claiming bond proceeds as surplus funds thereby protecting taxpayer dollars. She also authored AB1025 signed into law in October 2023 allowing external legal counsel when required by Treasurer-Tax Collectors. Ms. Arnott was instrumental in seeking the Governor’s Executive Order N-61-20 in 2020 authorizing penalty waivers for those impacted by the pandemic. Among her many certifications, she earned the Government Finance Master Certificate through Wayne State University and the High-Performance Leadership Master Certificate through the NACo Professional Development Academy. Additionally, Pension Fund Investment certifications through The Wharton School, USC & UCLA.
Ms. Arnott currently serves as a member of the San Mateo County Treasury Oversight Committee; She is the Ex-Officio Trustee and Secretary of the San Mateo County Employees Retirement Association (SamCERA); Past President of the California Association of County Treasurers & Tax Collectors (CACTTC – 2017-18). She was selected by State Treasurer Fiona Ma & the California State Association of Counties (CSAC) to serve on the California Debt Investment Advisory Commission (CDIAC) and under State Controller Malia Cohen serves on the State Committee on County Tax Collecting Procedures. Ms. Arnott also serves as President of the National Association of County Collectors, Treasurers and Finance Officers (NACCTFO – 2024-25) and is also the California Liaison. She was named Treasurer-Tax Collector of the Year 2019-20 by the California Association of County Treasurers & Tax Collectors and served as President of Women in County Government in 1997 98.
Nikolai Sklaroff
Capital Finance Director, San Francisco Public Utilities Commission
Nikolai J. Sklaroff joined the San Francisco Public Utilities Commission (SFPUC) as its Capital Finance Director in May 2022. As Capital Finance Director, he is responsible for developing, implementing and administering the SFPUC Capital Financing activities across the agency. He leads a team of professionals supporting the agency's capital project funding activities including financing transactions, banking agreements, commercial paper program activities, credit rating activities and debt administration, among others. The role serves in a key leadership function at the SFPUC. The Capital Finance Director manages the day-to-day operations of the SFPUC’s $6+ billion outstanding debt portfolio and the daily operations of the SFPUC’s $1.5 billion Commercial Paper Program across three enterprises, Water, Wastewater and Power.
Nikolai has spent more than three decades in the public finance industry and most recently served as the Deputy Director of Finance responsible for the Debt & Treasury Management division in the City of San José. In that role he oversaw teams managing the City’s $4.6 billion debt portfolio across all enterprises, managing the City’s $2.4 billion investment portfolio and managing the City’s banking operations. Nikolai has also spent 22 years as a senior public finance investment banker in San Francisco with Citigroup Global Markets, J. P. Morgan Securities - where he was national Head of Cultural Institutions investment banking - and Wells Fargo Securities. Prior to becoming an investment banker in 1997, Nikolai was a senior Moody’s Investors Service rating agency analyst and member of Moody's rating committee. Nikolai began his career as a financial advisor with Public Financial Management, Inc. in his hometown of Philadelphia, where he received his degrees from the Wharton School and the College of Arts and Sciences of the University of Pennsylvania, prior to moving to England (to live in a castle) to pursue his graduate degree. He pursued further graduate studies at Columbia University’s School of International and Public Affairs prior to moving to San Francisco.
A frequent speaker at industry conferences and author on public finance topics, Nikolai has also served on multiple boards of directors and advisory committees. Nikolai is currently serving on the Government Finance Officers Association (GFOA) Debt Committee. As a former California Debt and Investment Advisory Commission (CDIAC) Technical Advisory Committee (TAC) member, Nikolai continues to enjoy assisting CDIAC with policy publications and seminars.