The Leading Voice of Business in Orange County Tuesday, June 30, 2015
OCBC URGES CITY COUNCIL TO KEEP ANAHEIM COMPETITIVE, FOSTER DISNEY INVESTMENT
On July 7, the Anaheim City Council is scheduled to consider an item which will have a major impact not only on the future of the City of Anaheim, but the entire Southern California economy. The Walt Disney Co. is currently considering a $1 billion-plus expansion of the Disneyland Resort, but can only do so if the current exemption prohibiting a tax on admission tickets is extended beyond its current expiration date of June 30, 2016. For over 60 years, this investment and tax-friendly policy has resulted in unprecedented economic growth, allowing the Disneyland Resort to become a major economic driver for Anaheim and the region. The resort currently employs approximately 30,000 and accounts for an additional 25,250 direct, indirect and induced jobs in the Southern California region for a total of 55,200 jobs and an annual economic impact of $5.7 billion. According to an independent study by KPMG LLP, a potential $1 billion theme park expansion could result in an annual average of 2,600 more jobs with an additional $108 million in additional wages paid each year. This in turn would result in a $342 million increase in the Resort's annual average economic output and a $14 billion increase over the next 40 years. For the City of Anaheim directly, there is no better financial protection than ensuring that the Disneyland Resort remains vital and competitive in the long-term. Extending this pro-business policy will help keep the Anaheim location competitive as there are now five other theme park/resort cities around the world that compete for capital and human resources, none of which charge a tax on ticket admission. OCBC strongly urges the Anaheim City Council to approve this important economic development measure on July 7. For more information, contact Bryan Starr, Senior Vice President, Government Affairs, or Matt Petteruto, Vice President, Economic Development.
REGISTER TODAY FOR OCBC'S ANNUAL EXECUTIVE INVITATIONAL GOLF TOURNAMENT - JULY 30
OCBC SUPPORTS CA'S BIGGEST BUDGET YET, 'THE WORK NEVER ENDS'
OCBC commends Gov. Jerry Brown's move Wednesday to sign a $167.6 billion budget that includes $115.4 billion for the general fund while still paying down debt -- set to take effect July 1. However, as the Governor said "This is a sound, well thought-out budget, yet the work never ends" as he called lawmakers into two special sessions to address transportation and health care funding mechanisms. As lawmakers continue to work in special sessions, OCBC supports the Governor's call on legislators to enact permanent and sustainable funding to maintain and repair the state's streets, roads, bridges, and highways - focusing attention on the $5.7 billion in repairs left undone each year. OCBC urges lawmakers to look at all sources of revenue to augment the existing gas tax funding shortfall as the tax only funds a fraction of what is needed to maintain road infrastructure. OCBC also supports Gov. Brown's policy directive to "incorporate project development efficiencies to expedite project delivery or reduce project costs." OCBC asserts that this objective can be achieved by reinstating Public Private Partnerships (P-3) authorization and urges the legislature to include P-3 authorization in the forthcoming transportation funding package. CLICK HERE to read more. For more information, contact Bryan Starr, Senior Vice President, Government Affairs.
OCBC VICTORY: CONGRESS APPROVES TRADE PROMOTION AUTHORITY
In a significant victory for OCBC and Orange County's international trade industry, President Obama officially signed Trade Promotion Authority (TPA) into law June 29. Critical to the future of international trade, TPA shapes the principal goals the United States wants to accomplish in international trade negotiations with other countries by allowing the President to submit a bill implementing a foreign trade agreement to Congress for an up-or-down vote within a set period of time, without amendments. TPA's approval also paves the way for continued negotiations and eventual approval of the Trans-Pacific Trade Partnership (TPP), a proposed free trade agreement between the United States, Canada, Mexico, and several nations along the Pacific Rim. Special thanks to Representatives Mimi Walters, Ed Royce, and Darrell Issa, as well as Senator Diane Feinstein, for their support of TPA. CLICK HERE to learn more about the strength of Orange County's international trade industry. For more information, contact Matt Petteruto, Vice President, Economic Development.
EX-IM BANK AUTHORIZATION EXPIRES, POTENTIAL MOVEMENT IN JULY
With June 25 serving as the final day of the legislative calendar for Congress to act to reauthorize the U.S. Export-Import Bank (Ex-Im) prior to the Bank's June 30 expiration date, there will be no action taken in Washington D.C. to extend the Banks's charter. In the short-term, companies looking to enter into new business with the Ex-Im will no longer be able to do so. In terms of the Bank's future, although there is no clear path to reauthorizing the Ex-Im, reports indicate that Congress may bring up reauthorization in July, potentially attached to a "must-pass" bill such as the federal highway transportation funding bill. With reauthorization still a possibility, OCBC encourages you to voice your opinion in support of the Ex-Im Bank by visiting our Legislative Action Center. For more information, contact Matt Petteruto, Vice President, Economic Development.
OCBC URGES CA SENATE TO VOTE 'NO' ON UNDERMINING PROP. 13
For nearly 40 years, Prop. 13 has maintained a stable and predictable property tax environment for California homeowners and businesses. However, proposed legislation -- Senate Constitutional Amendment 5 (SCA 5) -- would dismantle the foundation of Prop. 13 and weaken California's economic recovery. Half of the state is still struggling to rebound after the Great Recession and a 2012 Pepperdine study found that a tax increase similar to SCA 5 would cost California nearly 400,000 jobs and drive companies out of the state. SCA 5 moves to the Committee on Rules for a vote and OCBC urges California Senators to oppose the legislation, which will hurt California's economic recovery. CLICK HERE for a FAQ Sheet on SCA 5. For more information, contact Bryan Starr, Senior Vice President, Government Affairs.
SENATE MUST REPEAL MEDICAL DEVICE TAX, PASS PROTECT MEDICAL INNOVATION ACT
OCBC commends the U.S. House of Representatives' 280-140 vote to repeal the onerous 2.3 percent federal excise tax on medical devices with the H.R. 160 Protect Medical Innovation Act. Specific product excise taxes, such as the Medical Device Tax, often disproportionately impact small companies and stifle innovation. As a global leader in medical device manufacturing, Orange County would be severely impacted by the tax and OCBC urges the United States Senate to repeal it with the passage of the Protect Medical Innovation Act. For more information, contact Bryan Starr, Senior Vice President, Government Affairs.
EMPLOYEES, VENDORS, CONTRACTORS AND YOUR DATA SECURITY: FREE WEBINAR - JULY 13
As part of OCBC's 2015 "Secure the Future" initiative focusing on the business community and cybersecurity, OCBC presents a webinar series in conjunction with Microsoft Community Connections. The next webinar will take place from 3 p.m. to 4 p.m. on Monday, July 13, and will cover how your employees, vendors and contractors are your biggest asset if trained, and your weakest link if not, when it comes to data security. Learn from leading experts in the field of cybersecurity about what your business faces regarding social, physical and online threats to your data security, integrity and confidentiality. CLICK HERE to register today! For more information, contact Matt Petteruto, Vice President, Economic Development.
CA RECEIVES ADDITIONAL $150 MILLION IN DROUGHT RELIEF, RESTORATION
The federal government will provide California with another $150 million in drought aid as the state continues efforts to mediate its fourth dry year. The funding includes $130 million in conservation and restoration along the Sierra Nevada and surrounding forests, where the headwaters help provides drinking water to 25 million Californians and irrigate farms in the agriculture-rich Sacramento and San Joaquin valleys. The funding also includes $14 million to help ranchers get water for cattle, and $6 million for programs helping rural communities gain access to drinking water. The latest allotment of funding is in addition to $110 million already pledged earlier this month after the President spoke to governors in seven parched states. For more information, contact Alicia Berhow, Vice President, Workforce Development and Advocacy.
OC JOB NUMBERS HIT RECORD HIGH
The number of local payroll positions in Orange County reached a historic high of 1,548,800, with payroll growth totaling 3.4 percent this past year, compared to California's overall payroll growth rate of 3 percent and the national growth rate of 2.2 percent. Construction continued to have one of the highest growth rates of any sector, surging by 8.9 percent. Two of the county's biggest sectors have also demonstrated higher-than average rates, with professional and business services employment rising by 3.6 percent to 283,600, and hiring in education and health services rising 6.4 percent with 202,300 new jobs. Orange County's manufacturing sector grew by 3.4 percent over this past year, despite trouble in key European and Asian export markets. Within the manufacturing sector, computer and electronics grew at a rate of 4.5 percent, a testament to the county's strength in engineering. For more information, contact Dr. Wallace Walrod, Chief Economic Adviser to OCBC.
CA COMPETES TAX CREDIT WORKSHOP FOR ORANGE COUNTY BUSINESSES
Join OCBC, The Governor's Office of Business and Economic Development (GO-Biz), and the City of Tustin on Friday, July 31 for a special workshop on the California Competes Tax Credit. Small, medium and large businesses are encouraged to attend the workshop and receive instruction on how to apply for this tax credit program available from the State. Come and learn how your business can apply for millions in available new tax credits. The workshop and the program are both free and available to businesses of all sizes. CLICK HERE to register. For more information, contact Matt Petteruto, Vice President, Economic Development.
REGISTER TODAY FOR OCBC'S CHAIRMAN'S LEADERSHIP BREAKFAST WITH MARTHA DANIEL - AUG. 4
Join Orange County Business Council for a Chairman's Leadership Breakfast Tuesday, August 4, 2015 featuring Martha Daniel, Founder, President and CEO, IMRI Technology and Engineering Solutions. In 1992, Daniel founded IMRI to provide technical support for the Southern California Resolution Trust Corporation's (RTC) legal litigation teams. Her leadership, perseverance and vision expanded IMRI into systems integration during Y2K. Today IMRI delivers comprehensive cyber security, technology, program management and engineering capabilities and support services for the federal government and civilian agencies, as well as the private sector. Daniel is responsible for managing the corporation's strategic vision.
DATE: Tuesday, August 4, 2015 REGISTRATION: 7:15 a.m. PROGRAM: 8 a.m.
ADJOURN: 9:00 a.m. PLACE: The Center Club I 650 Town Center Dr., Costa Mesa
For more information, contact Sabra Ritter, Director of Events, at 949-794-7241.
SAVE THE DATE! OCBC'S ECONOMIC DEVELOPMENT FORUM - SEPT. 24
Join OCBC for the 2015 Economic Development Forum, focusing on "How Orange County Manufacturers are Thriving in the Global Market," sponsored by Chase. As the sixth largest county in the nation, a state front runner in jobs creation, and a growing driver of international trade exports, Orange County is poised to lead the state and nation in economic advances throughout the 21st century. The forum will feature keynote speaker Morgan McGrath, Head of International Banking, Commercial Bank, JPMorgan Chase.
DATE: Thursday, September 24, 2015 REGISTRATION: 7:30 a.m. PROGRAM: 8 a.m.
ADJOURN: 10:00 a.m. PLACE: The Irvine Marriot I 18000 Von Karman Ave., Irvine
For more information, contact Sabra Ritter, Director of Events, at 949-794-7241.
OCBC AROUND THE COMMUNITY
June 17, 2015 - OCBC's Matt Petteruto, Vice President of Economic Development, and Dr. Wallace Walrod, Chief Economic Adviser, discuss the 2015 Housing Scorecard, over-regulation, and OC's economic engine on The City Square radio show Wednesday, June 17, 2015. LISTEN HERE to learn about how OCBC can be a resource for your business!
June 23, 2015 - Dr. Wallace Walrod, Chief Economic Adviser to OCBC, presented OCBC's 2015 Orange County Workforce Housing Scorecard at the Association of California Cities, Orange County's "Current State of Housing in Orange County and Yorba Linda" town hall meeting. A lack of housing options affordable to the workforce remains a critical issue throughout Orange County as the county is currently experiencing a 50,000 to 62,000 unit shortfall. For more information, contact Dr. Wallace Walrod, Chief Economic Adviser to OCBC.
F&M Bank offers Home Equity Line of Credit Promotion
F&M Bank recently announced a promotion for Home Equity Line of Credit (HELOC) with an initial interest rate of 1.99 percent for owner-occupied, single-family residences, with payment made via auto-debit to an F&M Bank account. CLICK HERE to learn more.
Imagine a Better Tomorrow - Friday, November 20
Save the date for the 17-year anniversary of Collette's Children's Home, Imagining a Better Tomorrow. Collette's Children's Home changes the live and builds a better future for over 3,300 homeless women and children. The event is at 6 p.m. Friday, November 20 at the Hyatt Regency, Long Beach. CLICK HERE to learn more.
UPCOMING OCBC COMMITTEE MEETINGS: JULY
Tuesday, July 14, 2015 I 7:30 a.m. to 9:00 a.m.
Advocacy and Government Affairs
Friday, July 24, 2015 I 9:30 a.m. - 11:00 a.m.
Committee meetings are open to OCBC members and invited guests only. All committee meetings are held at the OCBC offices unless otherwise specified. For more information on upcoming committee meetings for 2014 check out OCBC's Committees. For more information, contact Larry Brose, Vice President, Investor Relations and Business Development.
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