The Leading Voice of Business
Tuesday, July 5, 2022 | View as Webpage
What's in the budget? State Leaders Send Budget Deal to Governor
Last week, the State Legislature submitted a $300B budget proposal to the Governor for the 2022-23 Fiscal Year (FY). The Governor is expected to sign this framework, which was passed by party-line votes in the Senate and Assembly. It is the largest budget in state history, fueled by a record-high $97B surplus. The agreement currently includes:
  • $9.5B inflation relief package. In lieu of reducing or suspending gas taxes, the Legislature’s proposal would send checks of $200 to $1,050 to families depending on income level and family size. Diesel sales taxes will be lowered for one year, reducing prices by about 23 cents per gallon.
  • $14.8B multiyear transportation package. Increased resources are available for transportation programs, especially those focused on capital transit, rail improvements and active transportation.
  • Only $250M to pay down UI Fund debt. Business leaders rallied around paying down the $20B unemployment insurance (UI) fund debt this year. Businesses will be taxed significantly to cover this debt. The state set $250M this year to directly pay down the debt and declared its intent to contribute an additional $750M in the next budget, but this is below the amount requested by businesses and still leaves employers on the hook despite the budget surplus.
  • Extends CalCompetes programs. The budget extends the CalCompetes tax credit for five years at $180M per year, and extends the CalCompetes grant program for another year at $120M.
  • 13% increase for education funding formula. Education funding is reaching record highs as the budget aims to expand the Cal Grant to an additional 150K students in the 2024-25 FY, provide school districts with $9B in additional funding and more.
  • $500M to support small businesses and nonprofits. A grant program is intended to provide additional relief to small businesses most impacted by the pandemic.
The budget framework includes numerous other components that businesses may find impactful for their industries. Click here to read more about the budget. Read budget bills SB 154 and AB 178 to view the full budget framework.
Business Council and Allies Defeat Job Killer Anti-Development Bill
The Business Council and a large, diverse coalition of business groups, local governments and supply chain advocates successfully defeated one of the most potentially destructive bills of the year. AB 2840 (Reyes) would have prevented the development of new warehouses in Riverside and San Bernardino Counties if they are within 1,000 feet of a “sensitive receptor”—a broad arbitrary metric that would prevent warehouses from being built in one of the nation’s most important distribution hubs and exacerbate the supply chain crisis. It also had the potential to impede all commercial real estate projects. The Business Council and dozens of fellow opponents voiced concerns last week at a Senate Committee hearing, and thanks to these combined advocacy efforts, the bill will not be advancing this year. The author indicated this bill will be back in some form next year, so there is still plenty of work to do! Read the coalition letter
City of Hope Orange County's New Lennar Foundation Cancer Center Receives a Warm Welcome
City of Hope Orange County's Lennar Foundation Cancer Center recently opened in Irvine this summer. Nearly three dozen civic leaders are praising how it will transform the community; check out a compilation of the messages in this video to learn more about the comprehensive cancer center's positive local impact. 
Photo courtesy of City of Hope Orange County.
$20 Million Gift Supports New UCI Health Center for Advanced Care
Business Council investor UCI recently received a $20 million gift from Joe C. Wen and his family to support the new UCI Health Center for Advanced Care located at the new UCI Health-Irvine complex adjacent to UCI. The Joe C. Wen & Family Center for Advanced Care will be home to the Center for Children’s Health and the Center for Autism and Neurodevelopmental Disorders.
Photo courtesy of UCI.
Take the e-News Survey
The Council would love to hear your thoughts and feedback about OCBC’s weekly e-newsletter. Click HERE to begin a brief 5-minute survey. Thank you for taking the time, and for returning the survey by July 12.
  • The U.S. Chamber’s Dream Big Awards celebrate the success of small businesses and highlight their contributions to America’s economic growth. Small business owners can apply here through July 8, 2022 to be considered for the Small Business of the Year Award, a $25,000 cash prize! 
  • Did you know that Orange County is home to the largest population of Vietnamese residents outside of Vietnam? Join the Ministry of Industry and Trade of Vietnam on July 11 for the 2022 Vietnam-U.S. Business Forum in Los Angeles. Dean Ian Williamson of the Paul Merage School of Business at UCI will be moderating a panel. Learn about investment opportunities and meet the delegation; registration is required.
  • Join the Business Council's team as the new Business Initiative Specialist and support programs and initiatives designed to create measurable change in Orange County's economy. If interested in applying, contact Jesse Ben-Ron, Vice President of Workforce and Economic Development at
2022 Health Care Forum
Embracing Change in Health Care
Don’t miss a candid conversation with Orange County’s health care leaders discussing how they are embracing change and innovations in patient wellness. Featured panel announced soon.

A special thank you to title sponsor City of Hope Orange County, gold sponsors Hoag Memorial Hospital Presbyterian, Kaiser Permanente, UCI Health and MemorialCare, and silver sponsor Providence Southern California.
2022 Washington D.C.
Virtual Advocacy Summit
Help make the voice of business heard and advance Orange County’s competitive advantage even further! Join us virtually for targeted meetings with legislators and federal agency leaders to advocate for Orange County’s priorities and gain unparalleled access to elected officials. Registration opening soon. 
Committee meetings are an exclusive benefit offered to The Business Council's investors.
Click the committee meeting link to learn more about the specific topics and issues that will be covered and any special guest speakers.
Join Orange County Business Council and connect with the most influential companies and top executives actively engaged in creating a pro-business environment and prosperous economy. Hundreds of Orange County's leading businesses, cities and non-profit organizations represent an elite group from every industry cluster. But we need YOUR VOICE! For more info, contact Natalie Rubalcava, The Business Council's Chief Operating Officer.