Oklahoma Secretary of Finance and Revenue | |
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Great Seal of Oklahoma | |
Agency overview | |
Formed | June 6, 1986 |
Headquarters | 2300 N Lincoln Boulevard Oklahoma City, Oklahoma |
Employees | 2023 (FY2011) |
Annual budget | $3.1 billion (FY2011) |
Minister responsible | Preston Doerflinger, Secretary of Finance and Revenue |
Child agencies | Oklahoma Tax Commission Oklahoma Office of State Finance Oklahoma State Banking Department Oklahoma Department of Insurance Oklahoma Department of Securities Oklahoma Department of Consumer Credit |
Website | |
Office of the Secretary of Finance and Revenue |
The Oklahoma Secretary of Finance and Revenue 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 and taxation.
The current Secretary is Preston Doerflinger, who was appointed by Governor Mary Fallin on January 19, 2011.
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The position of Secretary of Agriculture 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.
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 Finance and Revenue has also served as the Director of the Oklahoma Office of State Finance. As of 2010, at least two Secretaries have served in that dual position. Alternatively, Secretary Scott Meacham had previously served as OSF Director until he appointment as State Treasurer in 2005, though he continued to serve as Secretary.
The Secretary of Finance and Revenue 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.
As of fiscal year 2011, the Secretary of Finance and Revenue oversees 2023 full time employees and is responsible for an annual budget of over $3.1 billion.
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 Oklahoma Office of State Finance, he receives the salary allowed for that position. As of 2011, the annual salary of that position is set at $108,000.
The Secretary of Finance and Revenue oversees the following state entities:
Agency | Employees | Budget (in millions) | Function |
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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 State Finance | 186 | $73.9 | Oversees all State finances and prepares State budget for Governor |
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 |
Name | Took Office | Left Office | Governor served under |
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Tom Daxon | 1995 | 2003 | Frank Keating |
Scott Meacham | 2003 | 2011 | Brad Henry |
Preston Doerflinger | January 19, 2011 | Present | Mary Fallin |
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