How to resolve AdBlock issue? 
Business News
- Details
- Written by: California State Treasurer’s Office
“This is just one more great example of how green financing can significantly change the calculus in how we pay for billions in green infrastructure needs throughout our state,” said Treasurer Chiang. “California is setting an example for the rest of the nation on how to build cleaner, greener projects that not only improve our road, bridges, and schools, but that also have an eye toward curbing the destructive effects of climate change.”
The proceeds of the taxable and tax-exempt bonds will be used to build a 190,000-square-foot building at the private, not-for-profit university’s Westchester campus that will house 625 beds. When completed, the building is expected to meet LEED Silver certification.
“Loyola Marymount’s commitment to sustainability is embraced at all levels of the university, including our finance operations,” said Chief Financial Officer Thomas Fleming. “Issuing green bonds is a natural fit for the university. This action reaffirms our ethos and helps expand the marketplace for those seeking environmentally responsible investments.”
In 2017, California became the first state to reach a cumulative total of five billion dollars in green bonds sold. In addition, over the past decade, the State Treasurer’s Office has purchased more than $1.5 billion in green bonds, including $200 million in green bonds from the World Bank (International Bank for Reconstruction and Development IBRD) earlier this month.
The bond sale marks the first time the California Educational Facilities Authority has authorized a green bond issue. The sale is being managed by Morgan Stanley.
Treasurer Chiang has been a national leader in championing the use of green bonds to finance the conversion of polluting infrastructure to greener and cleaner alternatives.
He recently signed the Green Bond Pledge on behalf of California, making the state the first in the nation to pledge to use green financing to combat climate change.
He also conducted a national listening tour, held an international symposium, and produced two reports on green bonds: “Green Bonds Vol.1: Barriers and Challenges” and “Green Bonds Vol. 2: Actionable Strategies and Solutions.”
- Details
- Written by: California Controller's Office
This month, all of the “big three” revenue sources – personal income tax, or PIT, corporation tax, and sales tax – came in higher than assumed in the enacted budget.
For the first quarter of the 2018-19 fiscal year, revenues of $28.71 billion are 5.2 percent ($1.43 billion) higher than projected in the budget enacted at the end of June.
Total revenues for FY 2018-19 thus far are 10.8 percent ($2.79 billion) higher than for the first quarter of FY 2017-18.
For September, PIT receipts of $8.44 billion were 3.7 percent ($297.4 million) more than expected in the FY 2018-19 Budget Act.
September corporation taxes of $1.30 billion were 11.2 percent ($130.9 million) above FY 2018-19 Budget Act estimates.
Sales tax receipts of $2.00 billion for September were 10.6 percent ($191.9 million) more than anticipated in the FY 2018-19 budget.
- Details
- Written by: Elizabeth Larson
Supported by $5 million in the 2018-19 Budget, this program will offset the cost of flooding rice fields in the winter, a practice that improves soil health after the growing season and provides critical wetland habitat for birds and other wildlife along California’s Pacific Flyway.
“Researchers at UC Davis told me about the important environmental benefits winter-flooded rice provides,” said Assemblymember Aguiar-Curry. “Flooding rice fields in the winter helps decompose leftover rice straw and waste grain, which offsets open-burring, creates wetland habitat for birds, and can support nurseries for fish. Incentivizing winter-flooding is supported by environmentalists, hunters, and farmers alike.”
Winter-flooding of rice fields mitigates the environmental impacts of extensive waterbird habitat loss in the Sacramento and San Joaquin Valleys.
Unfortunately, winter-flooding is becoming increasingly less common. Due to the emergence of alternate rice straw decomposition practices and increased water rates, winter-flooding is no longer cost competitive.
By incentivizing the practice, AB 2348 will reverse this concerning downward trend and also require fields to stay flooded longer than is typical to enhance habitat benefits for birds.
“AB 2348 promotes collaborative, voluntary programs to create wetland habitat on agricultural lands,” said Matthew Reiter, PhD scientist from Point Blue Conservation Science. “Our research found that these programs played a critical role during the recent drought – providing a significant portion of the flooded habitat for one of the continent’s largest populations of migrating waterbirds during the fall and winter that otherwise may not have been available.”
“It is great to see the importance of the California rice industry’s winter-flooded fields recognized within an official state-funded habitat initiative,” said Tim Johnson, president and CEO of the California Rice Commission. “These acres are now critical to the millions of waterbirds using the Pacific Flyway. We appreciate Assemblymember Aguiar-Curry’s leadership to help secure a future for winter-flooding practices benefiting waterfowl.”
The California Winter Rice Habitat Incentive Program will take effect starting Jan. 1, 2019.
Aguiar-Curry represents the Fourth Assembly District, which includes all of Lake and Napa counties, all of Yolo County except West Sacramento, and parts of Colusa County, Solano County and Sonoma County.
- Details
- Written by: Lake County Winery Association