State Deficit Increases in Governor’s Revised Budget
Last Friday, Governor Gavin Newsom released his May Budget Revision for 2024-2025. The budget deficit is expected to grow by more than $10 billion, due to the anticipated increase in state revenues not materializing. The proposed budget includes $46.1 billion in budget solutions and the Governor’s strategy comprises a mix of spending reductions and delays, the elimination of frequently used tax credits, fund shifts and dipping into rainy day reserves. The proposed one-time spending cuts will affect expanding broadband internet, health care workforce development, housing development, early education facilities, water storage, and behavioral health infrastructure. The Governor’s proposal also includes the suspension of Net Operating Losses (NOL) deductions and limiting tax credits businesses currently rely upon to manage costs. The Chamber is concerned with this proposal and is working with partners to ensure key items to support jobs and economic growth are protected in the budget process. For additional details on the budget, visit here.
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Kaiser Permanente Celebrates Inaugural Graduating Class
This week the Kaiser Permanente Bernard J. Tyson School of Medicine (KPSOM) celebrated the graduation of its inaugural class at the Pasadena Civic Auditorium. The commencement ceremony honored the class of 2024, with the distinguished guest commencement speaker, two-time NBA Hall of Famer, entrepreneur, and philanthropist, Earvin “Magic” Johnson. KPSOM is one of the nation's newest medical schools, offering a unique approach to medical education. It features the first standalone medical school Department of Health System Science, with a core curriculum emphasizing a holistic view of health. The Chamber congratulates our member, Kaiser Permanente, in realizing their vision of establishing a new medical school.
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New LADWP CEO Confirmed
This week, the L.A. City Council confirmed Mayor Bass' appointment of Janisse Quiñones as the new CEO and Chief Engineer of the Los Angeles Department of Water and Power (LADWP). With over 25 years of leadership in utilities and engineering, Quiñones, formerly Senior VP of Electric Operations at Pacific Gas and Electric (PG&E), will lead LADWP in achieving goals such as 100% clean energy by 2035 and ensuring water sustainability and affordable utilities for all communities. The Chamber welcomes Quiñones and looks forward to working with her. Read our statement here.
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Chamber Testifies for Balanced AI Regulation
The L.A. Area Chamber will provide public comment at the California Privacy Protection Agency's Pre-Rulemaking Stakeholder Session, advocating for AI regulation. The Chamber is a strong supporter of ensuring policymakers enact Artificial Intelligence (AI) rules which strike a balance for responsible regulation and a successful business and jobs climate. We will remain activated and continue to update our membership on these hearings.
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Chamber Urges Increased Transparency and Accountability in Ethics Reform Ballot Measure
The Chamber signed onto a coalition letter opposing the city's proposed ballot measure on Ethics Commission reforms. While we support measures that enhance transparency and accountability, we have concerns about aspects of the proposal, including expanding the Ethics Commission to seven members, imposing a 120-day deadline for city council action on recommendations, and granting the Ethics Commission power to place disapproved proposals directly on the ballot. The Chamber believes the reforms may concentrate power without accountability, limit thorough review, and undermine the role of our elected representatives, and detract from the collaborative processes essential for effective governance.
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City of L.A. Considers Increased Sewer Fees
The Los Angeles City Council met to review and take public comment on a proposed fee increase study for the LA Bureau of Sanitation Sewer Service Charge. In order to meet full cost recovery and offset the current budget deficit, the city is currently reviewing what would be a 22% increase for ratepayers. While the city is still taking this matter into analysis, the Chamber will closely monitor the matter and keep the business community engaged.
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The Chamber's Export Documentation Services
Did you know the L.A. Area Chamber offers digital export documentation services? We partner with Swifdox which uses secure block chain technology for Certificates of Free Sale, Good Manufacturing Practices Certificates and Certificates of Origin. With built-in legalization/apostille options, businesses can have their certificates processed with a single click. This solution will streamline your global operations, increase efficiency, and save money. Learn more here.
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L.A. Regional Small Business Summit
Join us at the next County and City of Los Angeles Small Business Summit on May 23 and May 30. This free event aims to help small businesses recover, grow, and thrive by bringing together the region's top business resources, services, and programs all in one place. The event will feature panel discussions and a resource expo with major public and private providers of free business support. Reserve your spot here.
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Employee Retention Credit (ERC)
The Employee Retention Credit (ERC) provides businesses significant financial relief by allowing eligible employers to claim a refundable tax credit against certain employment taxes impacted by the COVID-19 pandemic. To learn more about eligibility and how to apply, visit here.
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Verizon Small Business Digital Ready Grant Program
The Verizon Small Business Digital Ready (VSBDR) program helps support small businesses stay competitive in the new digital economy. As part of this initiative, a grant program offering up to $10,000, is available through June 28, 2024. Don't miss out on the opportunity to enhance your digital capabilities and secure financial support. Learn more here.
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County Supervisor Horvath Joins Pancakes and Politics
This week, the L.A. Area Chamber hosted Accenture's Pancakes and Politics with keynote speaker Supervisor Lindsey P. Horvath (third district). Supervisor Horvath shared her vision for L.A. County and strategies to tackle persistent challenges, including homelessness and infrastructure investment.
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Celebrating AAPI Heritage Month
We're celebrating Asian American and Pacific Islander (AAPI) Heritage Month by proudly highlighting the impactful contributions of our AAPI community. This week, we recognize Travis Kiyota, Senior Vice President, Head of Global Corporate Affairs, East West Bank. Kiyota leads the bank’s public policy and governmental relations strategy, oversees communications and marketing, and directs the company’s corporate security and crisis management. He is also the President of the East West Bank Foundation and the Treasurer of the East West Bancorp, Inc. Political Action Committee.
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COUNCIL MEETINGS & EVENTS
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Joint Session: Health Care Council & Education and Workforce Development Council
Tuesday, May 21, 12:30 p.m.
MEMBER ONLY EVENT
Join the Health Care Council for a joint session with the Education & Workforce Development Council to hear from Matt Isco, Bureau of Labor Statistics, on labor projections for the health care sector and how we can support growth.
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Celebrating Fleet Week
Thursday, May 23, 3:00 p.m.
COMMUNITY EVENT
Join us for a VIP tour of the first Navy Aircraft Carrier to visit Los Angeles in 13 years. The tour will be followed by a joint reception hosted by the L.A. Area Chamber and the Port of Los Angeles at AltaSea, which recently completed $30 million in renovations and is home to researchers at USC, UCLA and Caltech.
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2024 Edelman Trust Barometer: Innovation in Peril
Wednesday, May 29, 11:30 a.m.
COMMUNITY EVENT
Join us for a presentation of the annual Edelman Trust Barometer, and an expert panel discussion will explore how business and industry can lead on innovation while working in partnership with the public sector to increase trust in a rapidly changing society.
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Los Angeles Area Chamber of Commerce
350 S. Bixel Street
Los Angeles, CA 90017
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