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Oklahoma Secretary of Finance and Revenue

From Wikipedia, the free encyclopedia

Oklahoma Secretary of Finance, Administration and Information Technology
Seal of Oklahoma.svg
Great Seal of Oklahoma
Agency overview
FormedJune 6, 1986
Headquarters2300 N. Lincoln Boulevard
Oklahoma City, Oklahoma
Employees2998 (FY2011)
Annual budget$3.3 billion (FY2011)
Minister responsible
Child agencies
WebsiteOffice of Management and Enterprise Services

The Oklahoma Secretary of Finance, Administration and Information Technology 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 most recent secretary was Clark Jolley, who was appointed by Governor Mary Fallin on February 28, 2018, and served in that post until January, 2019.

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 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 allows for cabinet secretaries to serve concurrently as the head of a state agency and as a cabinet secretary. Historically, the Secretary of Finance has 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 appointed as state treasurer in 2005, though he continued to serve as secretary.

In 2018, Oklahoma Tax Commission Vice Chairman Clark Jolley became the first secretary to serve in an agency other than the Office of State Finance or its successor agency, the Office of Management and Enterprise Services.

Responsibilities

The Secretary of Finance, Administration and Information Technology 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 2017, the Secretary of Finance, Administration and Revenue oversees 2998 full-time employees and is responsible for an annual budget of $938,273,144.63 (not including assets of the retirement systems, which increases the overall oversight to closer to $31,550,000,000).

Salary

The annual salary of the Secretary of Finance, Administration and Information Technology 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 Clark Jolley also serves as the Vice Chairman of the Oklahoma Tax Commission, he receives the salary allowed for that position. As of 2018, the annual salary for that position is set at $131,000.

Agencies overseen

The Secretary of Finance, Administration and Information Technology oversees the following state entities:

Agency Employees Budget (in millions) Function
Office of the State Treasurer 90 $13,040,061 Oversees all State revenues
Office of the State Auditor and Inspector 169 $11,134,327 Performs financial audits of State government
Commissioners of the Land Office 63 $58,288,600 Manages school lands
Department of Consumer Credit 19 $5,170,112.26 Regulates non-institutional credit markets
Department of Insurance 153 $15,668,124.57 Regulates insurance companies
Department of Securities 28 $6,537,056.24 Regulates securities and stock
Office of Management and Enterprise Services 1325 $354,147,052 Oversees all State finances, statewide human resources, and statewide property management
Tax Commission 1150 $106,712,423 Collects State taxes and enforces tax laws
State Banking Department 40 $8,038,459.97 Regulates financial institutions
Firefighters Pension and Retirement System 10 $21,491,616.92 Provides retirement benefits for State's firefighters
Law Enforcement Retirement System 5 $5,102,979.64 Provides retirement benefits for State government law enforcement officers
Public Employees Retirement System 56 $8,104,415.50 Provides retirement benefits for State employees
Police Pension and Retirement System 11 $2,906,977.98 Provides retirement benefits for State's police officers
Teachers’ Retirement System 41 $321,930,938.55 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 2017 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 February 14, 2018 Mary Fallin
Clark Jolley February 28, 2018 Present Mary Fallin

References

External links

This page was last edited on 8 July 2020, at 02:57
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