Letter from Treasurer Ma

May 2020

California State Treasurer Fiona Ma, CPA


While we are all doing our part to mitigate the spread of coronavirus and adapting to a changing world, the California State Treasurer’s Office has remained open and continues to work towards the strongest possible results for taxpayers.

Among the bright spots were two successful April bond sales that the markets, credit rating agencies and financial media looked upon favorably, a reflection of investor confidence in California. First we sold $1.4 billion in General Obligation bonds, including refinancing of debt that will save taxpayers about $334 million over the next 20 years. We followed that with the sale of $113.3 million in State Public Works Board bonds and taxpayer savings of $19.6 million over 10 years.

“This is not a train engine. It’s an economic engine for the whole state of California and the nation.”

— Palmdale Mayor Steve Hofbauer, speaking of the Virgin Trains USA project

Also in April, the California Debt Limit Allocation Committee (CDLAC) I chair approved $600 million in private activity bonds for XpressWest to build and operate a high-speed electric rail passenger system that is projected to begin running between San Bernardino County and Las Vegas by late 2023. This $5 billion project is expected to generate 20,000 construction jobs in California, remove 2.8 million cars and 100,000 metric tons of pollution annually, and create thousands of affordable housing units in the Victorville and Apple Valley region.

Speaking of affordable housing, CDLAC and the California Tax Credit Allocation Committee (CTCAC) moved decisively to speed up the construction of thousands of units all across the state. To see if any projects were awarded tax credits in your area, see the posted list here. Meanwhile, know that my staff and I are working tirelessly and collaboratively with stakeholders to find workable solutions to ensure housing rebounds quickly as we emerge from the pandemic.

In Peace & Friendship,

Fiona Ma
California State Treasurer


Couple looking at computer

Census 2020 Reminder

The 2020 Census is here!

Go to treasurer.ca.gov/covid19-census.pdf to learn how easy it is to self-respond. Then visit treasurer.ca.gov for COVID-19 updates and Treasurer Ma’s list of helpful resources to individuals and businesses.