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 The Oklahoma Senate is the upper house of the two houses of the Legislature of Oklahoma, the other being the Oklahoma House of Representatives. The total number of senators is set at 48 by the Oklahoma Constitution.fiscal policy In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables ...

taxation A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal person, legal entity) by a governmental organization in order to fund government spending and various public expenditures (regiona ...

, and the operations and personnel needs of the state government. The most recent secretary was

Clark Jolley Clark Jolley is an American Republican politician. He is a former Oklahoma State Senator, Oklahoma Secretary of Finance, Administration and Information Technology, and the former chairman of the Oklahoma Tax Commission. Early life and career B ...

, who was appointed by Governor

Mary Fallin Mary Fallin (; née Copeland; born December 9, 1954) is an American politician who served as the 27th governor of Oklahoma from 2011 to 2019. A member of the Republican Party, she was elected in 2010 and reelected in 2014. She was the first and s ...

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 The Cabinet of the governor of Oklahoma is a body of the most senior appointed officials of the executive branch of the government of Oklahoma. Originally an informal meeting between the governor of Oklahoma and various government officials, the ...

, by the

Executive Branch Reform Act of 1986 The Executive Branch Reform Act of 1986 (74 O.S. Sections 10.1–10.4) is an Oklahoma state law that requires the Governor of Oklahoma to organize the various 500 or more departments, agencies, boards, commissions and other entities of the state's ...

. 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 The Legislature of the State of Oklahoma is the state legislative branch of the U.S. state of Oklahoma. The Oklahoma House of Representatives and Oklahoma Senate are the two houses that make up the bicameral state legislature. There are 101 sta ...

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 The Oklahoma Secretary of Human Resources and Administration was a member of the Oklahoma Governor's Cabinet. Prior to its dissolution in 2012, the Secretary was appointed by the Governor of Oklahoma, with the consent of the Oklahoma Senate, to s ...

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 The Oklahoma Office of Management and Enterprise Services (OMES) is a government agency which manages and supports the basic functioning of the government of Oklahoma. Under the leadership of the Oklahoma Secretary of Agency Accountability, OMES p ...

. As of 2013, at least two secretaries have served in that dual position. Alternatively, Secretary

Scott Meacham Scott Meacham (born 1963) served as the 17th State Treasurer of Oklahoma from June, 2005 to January, 2011, having been appointed to that post by then-Governor Brad Henry following the resignation of then-State Treasurer Robert Butkin. 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 The Oklahoma Tax Commission (OTC) is the Oklahoma state government agency that collects taxes and enforces the taxation and revenue laws of the state. The Commission is composed of three members appointed by the Governor of Oklahoma and confirmed ...

Vice Chairman

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 The Budget of the State of Oklahoma is the Governor's proposal to the Oklahoma Legislature which recommends funding levels to operate the state government for the next fiscal year, beginning July 1. Legislative decisions are governed by rules and l ...

, developing

fiscal policy In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables ...

and for determining taxation policy. Additionally, the position is responsible for oversee the State's

financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets ...

through the regulation of

financial institutions Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...

consumer credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

, and

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. 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.Paragraph 6, Section 10.5, Title 74, Oklahoma Statutes
/ref> 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

also serves as the Vice Chairman of the

, 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: * ''All numbers represent fiscal year Fiscal Year 2017 levels''

List of secretaries

References

External links

Office of the State Treasurer website
{{Oklahoma finance agencies *Finance *Finance and Revene