Oklahoma Secretary of Finance and Revenue

Oklahoma Secretary of Finance

Great Seal of Oklahoma
Agency overview
Formed June 6, 1986
Headquarters 2300 N. Lincoln Boulevard
Oklahoma City, Oklahoma
Employees 2998 (FY2011)
Annual budget $3.3 billion (FY2011)
Minister responsible
Child agencies
Website Office of Management and Enterprise Services

The Oklahoma Secretary of Finance is a member of the Oklahoma Governor's Cabinet. The Secretary is appointed by the Governor, with the consent of the Oklahoma Senate, to serve at the pleasure of the Governor. The Secretary serves as the chief adviser to the Governor on fiscal policy, taxation, and the operations and personnel needs of the State government.

The current Secretary is Preston Doerflinger, who was appointed by Governor Mary Fallin on January 19, 2011.

History

The position of Secretary of Finance was established in 1986 to provide greater oversight and coordination to the financial and revenue activities of the State government. The position was established, along with the Oklahoma State Cabinet, by the Executive Branch Reform Act of 1986. The Act directed the Secretary of Finance and Revenue to advise the Governor on financial policy and advise the state financial agencies on new policy as directed by the Governor.In 2011, the Oklahoma Legislature passed the Government Administrative Process Consolidation and Reorganization Act of 2011. This Act consolidated the duties and responsibilities of the Oklahoma Secretary of Human Resources and Administration into those of the Finance Secretary, thereby greatly increasing the duties and authority of the position.

Oklahoma state law always for Cabinet Secretaries to serve concurrently as the head of a State agency in addition to their duties as a Cabinet Secretary. Historically, the Secretary of Financehas also served as the Director of the Oklahoma Office of State Finance. As of 2013, at least two Secretaries have served in that dual position. Alternatively, Secretary Scott Meacham had previously served as OSF Director until he was appointment as State Treasurer in 2005, though he continued to serve as Secretary.

Responsibilities

The Secretary of Finance is responsible for the overseeing the formation of the Oklahoma state budget, developing fiscal policy and for determining taxation policy. Additionally, the position is responsible for oversee the State's financial market through the regulation of financial institutions, consumer credit, and securities. The Secretary is one of the central positions within the State government as it is responsible for overseeing government-wide spending and public debt management. The Secretary is also responsible for overseeing the State employee pension programs. The Secretary is also responsible for providing services to help manage and support the basic functioning of all state agencies. These services included personnel management, central purchasing, state motor pool management, building maintenance and construction, as well as central printing and mailing.

As of fiscal year 2013, the Secretary of Finance oversees 2998 full-time employees and is responsible for an annual budget of over $3.3 billion.

Salary

The annual salary of the Secretary of Finance and Revenue is set by law at $90,000.[1] Despite this law, if the Secretary serves as the head of State agency, the Secretary receives the higher of the two salaries. Since incumbent Secretary Preston Doerflinger also serves as the Director of the Office of Management and Enterprise Services, he receives the salary allowed for that position. As of 2011, the annual salary of that position is set at $108,000.

Agencies overseen

The Secretary of Finance and Revenue oversees the following state entities:

Agency Employees Budget (in millions) Function
Office of the State Treasurer 90 $8.2 Oversees all State revenues
Office of the State Auditor and Inspector 169 $13.6 Performs financial audits of State government
Commissioners of the Land Office 63 $5.5 Manages school lands
Department of Consumer Credit 19 $2.5 Regulates non-institutional credit markets
Department of Insurance 153 $13.7 Regulates insurance companies
Department of Securities 28 $4.9 Regulates securities and stock
Office of Management and Enterprise Services 1325 $340.4 Oversees all State finances, statewide human resources, and statewide property management
Tax Commission 1150 $165.6 Collects State taxes and enforces tax laws
State Banking Department 40 $6.6 Regulates financial institutions
Office of the State Bond Advisor 2 $0.3 Manages State debt
Firefighters Pension and Retirement System 10 $244 Provides retirement benefits for State's firefighters
Law Enforcement Retirement System 5 74.9 Provides retirement benefits for State government law enforcement officers
Public Employees Retirement System 56 $508.2 Provides retirement benefits for State employees
Police Pension and Retirement System 11 161.6 Provides retirement benefits for State's police officers
Teachers’ Retirement System 41 $1,856 Provides retirement benefits for State's teachers
Pension Commission N/A N/A Oversees all public pension systems
Board of Equalization N/A N/A Estimates State revenue for fiscal year
Capitol Improvement Authority N/A N/A Issues bonds to finance the construction of State buildings

List of Secretaries

Name Took Office Left Office Governor served under
Tom Daxon 1995 2003 Frank Keating
Scott Meacham 2003 2011 Brad Henry
Preston Doerflinger January 19, 2011 Present Mary Fallin

References

  1. Paragraph 6, Section 10.5, Title 74, Oklahoma Statutes
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