Oklahoma Secretary of Finance and Revenue
|
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 |
- All numbers represent fiscal year Fiscal Year 2011 levels
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
External links
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