Facebook IPO Could Bring $1 Billion to State, Pavley Says
Democratic state senator is 'seeing bright signs in the economy.'
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Californians who never use a computer are likely to benefit from the initial public offering of stock in the ubiquitous website Facebook.
At a meeting of her Valley Advisory Council last week at Pierce College, state Sen. Fran Pavley (D–Agoura Hills) said the long-anticipated IPO may bring a one-time infusion of as much as $1 billion to the cash-strapped state, which is facing a deficit of about $9 billion as budget talks open this spring for the next fiscal year.
Gov. Jerry Brown is asking voters to approve a number of limited tax and fee increases that would raise about $6 billion that would be earmarked for education and public safety.
Pavley, whose 23rd District runs from West Hollywood to Oxnard, said the state is “seeing bright signs in the economy . . . There are a lot of good things going on, just not fast enough.”
The group also heard a report by E. Kenn Phillips, vice president – workforce initiative for the Valley Economic Alliance, about proposed cuts to the Los Angeles Unified School District’s $6.5 billion budget that could eliminate all adult education programs, which serve about 300,000 students a year.
Eliminating adult programs would save about $200 million of the half-billion dollars LAUSD Superintendent John Deasy must cut. Almost half the adult students get instruction in literacy. Other training programs are important to the area’s economic status and growth, Phillips said.
Creative ideas are needed to save the programs, which include vocational training in auto mechanics, child development, cosmetology, computers, construction, electronics, welding, accounting and various office and health careers. There are also parenting and citizenship classes.
Pavley said the legislature reached a deal to save state funding for school transportation. She said that $40 per student per day was shifted from the average daily attendance (ADA) funds school districts receive from the state to cover the $238 million for school busing statewide. Many local students are able to attend magnet schools across the city only because LAUSD provides buses.
Representatives of Metro talked about the agency’s broad range of regional projects under construction or planned through 2039 with subways, light rail, freeway HOV lanes, surface street improvements, signal synchronization, park-and-ride construction, bike paths and bus lines.
Pavley meets with community leaders quarterly to give updates on major legislative action, present speakers on state and regional issues and answer questions.
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Brian Hamilton
1:54 pm on Tuesday, February 7, 2012
Well, that's one good reason for me not to loathe Facebook. A billion dollars will help California greatly. So will the demise of Prop 8, if the court lifts the stay and thousands of gay & lesbian couples spend millions of dollars on weddings in our state!
joninla
5:05 pm on Tuesday, February 7, 2012
To Fran Pavely - I did not know you represented West Hollywood, but I am glad to find out.
With the State in such financial crisis, why has no one looked into why West Hollywood is not only not suffering, but increasing revenues and building huge, empty mixed use projects.
I am all for improving one own city first, but not at the expense of the State.
I am suddenly glad to have learned both about the State Redevelopment Agency and its total elimination due to the State's Financial Crisis.
The Redevelopment Agency has poured Millions and Millions of dollars into West Hollywood for Projects that are over sized, unwanted, undesirable, not in areas in need of redevelopment (as the intent of the Redevelopment Agency was created for).
Tell me the corner of Santa Monica Blvd. and Hancock was a seriously derelict section of Los Angeles crumbling and spiraling down into oblivion and in need of Tens of Millions of State Tax payers Money to build a giant Condo - that didn't sell a single unit.
If the state wants to look for some fraud as to where a chunk of the States Money has been misused, I suggest looking into the secretive (and overflowing) City of West Hollywood's Budget and Spending Practices.
The California Supreme Court has already slapped the City with a Precedent setting Opinion about not looking at the big picture, and only following the minimum 'statutory notice & community input' requirements.