State Treasurer of Oklahoma
Encyclopedia
The State Treasurer of Oklahoma is the chief custodian of Oklahoma’s cash deposits, monies from bond sales, and other securities and collateral and directs the investments of those assets. The Treasurer provides for the safe and efficient operation of state government through effective banking, investment, and cash management.
The 18th and current State Treasurer of Oklahoma is Ken A. Miller
.
Approximately $10 billion dollars is deposited each year at the State Treasurer's office into the Oklahoma State Treasury. This includes state tax revenues, such as income tax and gross production tax receipts; federal funds, such as matching funds for highway construction; and other tax revenues, such as the motor fuel tax, which are collected by the state but then apportioned to the counties and cities.
The State Treasurer has no power to impose taxes, set tax rates or collect taxes; only to make sure all public funds are properly accounted for once it has been collected or distributed by other executive branch entities. Also, the State Treasurer doesn't formulate the state's annual budget nor does the office have any authority to impound funds allocated by the Oklahoma State Legislature.
To earn additional revenue for Oklahoma, the State Treasurer invests money which is not immediately needed to fund government operations. The office has an average of $5 billion of taxpayers’ money in its investment portfolio. The Treasurer's investments are strictly governed by Oklahoma statutes and the Treasurer's investment policy.
Many of the Treasurer's duties require the advice of both the Governor of Oklahoma
and the Attorney General of Oklahoma
, such as the ability to determine the use of the State's surplus funds. Constitutionally the State Treasurer presides over or is a member of four state boards and commissions.
and State Treasurer Ken A. Miller
, both Republicans, Oklahoma has had a Governor and State Treasurer of the same party since 2003.
The State Treasurer is the state's elected chief fiscal officer and is directly accountable to the voters. In contrast, the Governor's Secretary of Finance reports directly to the Governor. Only once in recent history has a State Treasurer also served as the Governor's budget advisor; Governor Brad Henry appointed Miller's predecessor Scott Meacham
as his Secretary of Finance and Revenue
, giving Meacham supervision over all finance agencies of the State government.
When the Governor and State Treasurer are of different parties, the State Treasurer's role in State government is often minimal.
The Governor, acting through the Oklahoma Office of State Finance
(whose Director serves at the pleasure of the Governor), can only suggest a budget to the Legislature, which is charged with crafting the funding decisions. The Governor does have veto power to influence the end result of the budget. The State Treasurer does not have the power to alter the budget or to impound funds, but the success of the Treasurer's investments influence the funds available for allocation.
The 18th and current State Treasurer of Oklahoma is Ken A. Miller
Ken A. Miller
Kenneth A. "Ken" Miller is an American educator and Republican politician from Oklahoma. Miller is the 18th and current Oklahoma State Treasurer, having won that position in the 2010 state election....
.
Constitutional Requirements
As with all offices established by the Oklahoma Constitution in Article V, any person running for the office of State Treasurer of Oklahoma must be citizen of the State of Oklahoma, at least thirty-one years of age and a resident of the United States for ten years.Election
Elections for the State Treasurer are held on a four year concurrent basis with the election of the Governor. After all votes are collected, the Legislature of Oklahoma shall convene in the hall of the House of Representatives and the Speaker of the House of Representatives announce the results of the elections in the presence of a majority of each branch of the Legislature. The persons having the highest number of votes for the office of the State Treasurer shall be declared duly elected. However, in case two or more shall have an equal and the highest number of votes for the office of State Treasurer, the Legislature shall, by joint ballot, choose one of the said persons having an equal and the highest number of votes for the office of State Treasurer.Term(s) of Office
The State Treasurer’s four year term begins on the first Monday in January falling the general election and runs concurrently with that term of the Governor of Oklahoma. The Constitution of Oklahoma places no limit to the number of terms a candidate may serve in succession or in total.Powers and Responsibilities
The State Treasurer has the following specific statutory and constitutional responsibilities:- Receiving, depositing, and disbursing all state funds
- Investing temporary surplus funds
- Investing specific funds for other state agencies where authorized
- Requiring banks to furnish collateral sufficient to secure deposits of state and other public funds
- Paying of interest on the state's bonded debt and the redeeming of the debt at maturity
- Maintaining a safekeeping operation for securities owned by various state agencies, and those securities pledged as collateral to other state agencies
- Processing and distributing all State checks (known as warrants)
- Administering the Business Link and Agricultural Link Programs
- Administering the Unclaimed Property Program
Approximately $10 billion dollars is deposited each year at the State Treasurer's office into the Oklahoma State Treasury. This includes state tax revenues, such as income tax and gross production tax receipts; federal funds, such as matching funds for highway construction; and other tax revenues, such as the motor fuel tax, which are collected by the state but then apportioned to the counties and cities.
The State Treasurer has no power to impose taxes, set tax rates or collect taxes; only to make sure all public funds are properly accounted for once it has been collected or distributed by other executive branch entities. Also, the State Treasurer doesn't formulate the state's annual budget nor does the office have any authority to impound funds allocated by the Oklahoma State Legislature.
To earn additional revenue for Oklahoma, the State Treasurer invests money which is not immediately needed to fund government operations. The office has an average of $5 billion of taxpayers’ money in its investment portfolio. The Treasurer's investments are strictly governed by Oklahoma statutes and the Treasurer's investment policy.
Many of the Treasurer's duties require the advice of both the Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
and the Attorney General of Oklahoma
Attorney General of Oklahoma
The Attorney General of Oklahoma is the State Attorney General for the state of Oklahoma. The Attorney General serves as the chief legal and law enforcement officer of the State of Oklahoma. The Attorney General is responsible for providing legal advise to the various agencies and departments of...
, such as the ability to determine the use of the State's surplus funds. Constitutionally the State Treasurer presides over or is a member of four state boards and commissions.
| Commission | Position |
|---|---|
| Oklahoma College Savings Plan Board of Trustees | Chairman |
| Board of Investors of the Oklahoma Tobacco Settlement Endowment Trust Oklahoma Tobacco Settlement Endowment Trust The Oklahoma Tobacco Settlement Endowment Trust is a public trust created by the State of Oklahoma to manage any money from settlements or lawsuits against any tobacco company... |
Chairman |
| State Industrial Finance Authority | Non-Voting Member |
| State Board of Equalization Oklahoma State Board of Equalization The Oklahoma State Board of Equalization is an agency of the state of Oklahoma that is responsible for tax administration. The Board is responsible for adjusting and equalizing the valuation of real and personal property of the several counties of Oklahoma... |
Member |
Relationship with the Governor
The State Treasurer is an independently elected officer with both Constitutional and Statutory authority. As such, the Governor has no direct authority over the State Treasurer. However, Oklahoma's history of electing Governors and Treasurers of the same party has often led to positive working relationships between the two offices. With Governor Mary FallinMary Fallin
Mary Fallin is the 27th and current Governor of the U.S. state of Oklahoma. She was a U.S. Representative for from 2007 until 2011....
and State Treasurer Ken A. Miller
Ken A. Miller
Kenneth A. "Ken" Miller is an American educator and Republican politician from Oklahoma. Miller is the 18th and current Oklahoma State Treasurer, having won that position in the 2010 state election....
, both Republicans, Oklahoma has had a Governor and State Treasurer of the same party since 2003.
The State Treasurer is the state's elected chief fiscal officer and is directly accountable to the voters. In contrast, the Governor's Secretary of Finance reports directly to the Governor. Only once in recent history has a State Treasurer also served as the Governor's budget advisor; Governor Brad Henry appointed Miller's predecessor Scott Meacham
Scott Meacham
Scott Meacham was the 17th State Treasurer of Oklahoma, having served 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...
as his Secretary of Finance and Revenue
Oklahoma 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...
, giving Meacham supervision over all finance agencies of the State government.
When the Governor and State Treasurer are of different parties, the State Treasurer's role in State government is often minimal.
The Governor, acting through the Oklahoma Office of State Finance
Oklahoma Office of State Finance
The Oklahoma Office of State Finance is the Oklahoma state government agency that prepares the Governor of Oklahoma’s annual budget, analyzes the effectiveness of state management, manages the state’s budget system and makes appropriate allotments and transfers throughout the state government...
(whose Director serves at the pleasure of the Governor), can only suggest a budget to the Legislature, which is charged with crafting the funding decisions. The Governor does have veto power to influence the end result of the budget. The State Treasurer does not have the power to alter the budget or to impound funds, but the success of the Treasurer's investments influence the funds available for allocation.
Organization
- State Treasurer
- Deputy State Treasurer for Policy and Chief of Staff
- Revenue and Policy
- Deputy State Treasurer for Operations
- Unclaimed Property
- Banking Services
- Investments
- Internal Auditing
- Deputy State Treasurer for Communications and Program Administration
- Information Services
- Accounting
- Agency Services
- Deputy State Treasurer for Policy and Chief of Staff
Oath of Office
"I, ........., do solemnly swear (or affirm) that I will support, obey, and defend the Constitution of the United States, and the Constitution of the State of Oklahoma, and that I will not, knowingly, receive, directly or indirectly, any money or other valuable thing, for the performance or nonperformance of any act or duty pertaining to my office, other than the compensation allowed by law; I further swear (or affirm) that I will faithfully discharge my duties as State Treasurer of the State of Oklahoma to the best of my ability."Office-Holders
The following is an incomplete list of those individuals who have serve as State Tresurer for Oklahoma:| Name | Party | Term Start | Term End |
|---|---|---|---|
| Cowboy Pink Williams Cowboy Pink Williams Cowboy Pink Williams, born Simeon Pinckney Williams was an Oklahoma politician who was elected Lieutenant Governor of Oklahoma in 1954 and Oklahoma State Treasurer in 1962.... |
Democrat | 1963 | 1967 |
| Claudette Henry | Republican | 1991 | 1995 |
| Robert Butkin Robert Butkin Robert A. Butkin served as State Treasurer of Oklahoma from 1995 to 2005. He then served as dean of The University of Tulsa College of Law from 2005 until2007.... |
Democratic | 1995 | 2005 |
| Scott Meacham Scott Meacham Scott Meacham was the 17th State Treasurer of Oklahoma, having served 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... |
Democratic | 2005 | January 10, 2011 |
| Ken Miller Ken A. Miller Kenneth A. "Ken" Miller is an American educator and Republican politician from Oklahoma. Miller is the 18th and current Oklahoma State Treasurer, having won that position in the 2010 state election.... |
Republican | January 10, 2011 | present |