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State Controller Betty Yee Provides Fiscal Overview of California and Orange County

Monday, May 07, 2018

Main News Photo

Covering a wide range of issues that affect the state’s fiscal health, California State Controller Betty Yee addressed a group of business and community leaders during the May 3 Greater Irvine Chamber Government Affairs meeting.

Yee was elected in November 2014, following two terms of service on the Board of Equalization. As Controller, she continues to serve the Board as its fifth voting member. She chairs the Franchise Tax Board, and serves as a member of the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) Boards, which have a combined portfolio of nearly $500 billion.  She also serves on the Ceres Board of Directors, a nonprofit organization working to mobilize many of the world’s largest investors to advance global sustainability.

Yee serves on dozens of boards and commissions with authority ranging from land management to crime victim compensation. She is a member of the State Lands Commission (and chairperson in even-numbered years). Through other financing authorities, she is dedicated to creating incentives that will increase the number of affordable housing units in California.

During her visit to the Greater Irvine Chamber, Yee reported that at 2.8 percent, Orange County maintains one of the lowest unemployment rates in California. Citing the state’s outdated tax structure, she also said the legislature cannot piecemeal reform, it must be a comprehensive approach that reflects the changing economic landscape.

In addition to discussing infrastructure, housing, workforce development, and the state’s overall business climate, Yee examined how California can ensure economic vitality well into the future, as we continue to develop and rely on robotic technology and artificial intelligence.

“We are living in a world of finite resources. It’s time to reimagine work,” she said.

Although, two of three of the state’s top resources (physical and fiscal) are finite, Yee pointed out that human capital is in abundance and is limitless, especially in the city of Irvine where its K-12 school system and 15 colleges and universities, anchored by University of California, Irvine, continue to produce a highly-skilled workforce for the future.

Yee is running for re-election in 2018. The primary election will be held on June 5. The general election will take place on Nov. 6. Find California voting information here.

During the meeting, legislative status reports were provided by representatives from the offices of U.S. Senator Diane Feinstein, U.S. House Representative Mimi Walters, State Assemblyman Steven Choi, and Orange County Board Supervisor Todd Spitzer, as well as an update from the Irvine Unified School District and the Greater Irvine Chamber of Commerce Government Affairs.

For more information about the Greater Irvine Chamber work in government affairs and how to become involved, contact Whit Peterson.

Photo: California Controller Betty Yee with Greater Irvine Chamber’s Director of Government Affairs Whit Peterson, President & CEO Bryan Starr, and Government Affairs Committee Vice-Chair Paul Simonds.

Category: Chamber News

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