E. Business records, financial data, trade secrets.

Business and financial records are open to public access when used as the basis for a public agency's decision-making. San Gabriel Valley Tribune v. Superior Court, 143 Cal. App. 3d 762, 192 Cal. Rptr. 415 (1983). However, information that constitutes a trade secret is generally exempt from disclosure. Gov't Code §§ 6254.(k)(engrafting into CPRA exemptions under federal and state law, including provisions of California Evidence Code relating to privileges). Trade secret protection, however, is not absolute. See, e.g., Coalition of Univ. Employees v. Regents of Univ. of Cal., 32 Med. L. Rptr. 1212 (Cal. Sup. Ct. 2003)(even assuming internal rates of return of private equity investments made by university were trade secrets, disclosure turns on balancing of interests and public interest in disclosure outweighed interest in nondisclosure).

Several provisions govern disclosure of various financial records. For example, statements of personal worth or personal financial data required by a licensing agency and filed by an applicant with such licensing agency to establish personal qualification for the license, certificate or permit applied for, are exempt from disclosure. Cal. Gov't Code § 6254(n). Financial data contained in applications for financing from the California Pollution Control Financing Authority is not subject to disclosure where an authorized officer of the Authority determines that disclosure of such financial data would be competitively injurious to the applicant and such data is required in order to obtain guarantees from the U.S. Small Business Administration. Cal. Gov't Code § 6254(o). Corporate financial data and corporate proprietary information furnished to a government agency by a private company for the purpose of permitting the agency to work with the company in retaining, locating or expanding a facility in California are exempt from disclosure. Cal. Gov't Code § 6254.15.