Oklahoma Secretary of Finance and Revenue

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	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.

History

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.

Responsibilities

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.

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 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.

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 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

• 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

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

External links

• Office of the Secretary of Finance and Revenue website