Oklahoma State Treasurer

Constitutional requirements

As with all offices established by the Oklahoma Constitution in Article VI, 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.

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."

Powers and duties

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 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 does not 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.

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Constitution of Oklahoma

Constitution of Oklahoma

The Constitution of the State of Oklahoma is the governing document of the U.S. State of Oklahoma. Adopted in 1907, Oklahoma ratified the United States Constitution on November 16, 1907, as the 46th U.S. state. At its ratification, the Oklahoma Constitution was the most lengthy governing document of any government in the U.S. All U.S. state constitutions are subject to federal judicial review; any provision can be nullified if it conflicts with the U.S. Constitution.

Governor of Oklahoma

Governor of Oklahoma

The governor of Oklahoma is the head of government of the U.S. state of Oklahoma. Under the Oklahoma Constitution, the governor serves as the head of the Oklahoma executive branch, of the government of Oklahoma. The governor is the ex officio commander-in-chief of the Oklahoma National Guard when not called into federal use. Despite being an executive branch official, the governor also holds legislative and judicial powers. The governor's responsibilities include making yearly "State of the State" addresses to the Oklahoma Legislature, submitting the annual state budget, ensuring that state laws are enforced, and that the peace is preserved. The governor's term is four years in length.

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 and head of the Office of the Oklahoma Attorney General. The attorney general is responsible for providing legal advice to the other departments and agencies of the executive branch, legislative branch and judicial branch of the state government. The attorney general is also responsible for the prosecution of offenses against Oklahoma law and advocate for the basic legal rights of Oklahoma residents.

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. Its creation can be attributed to a decision by Oklahoma voters in November 2000 to constitutionally set aside and protect the majority of settlement funds as an endowment trust fund. The statewide ballot question ensured that only earnings on investments from the TSET were to be spent and then only for tobacco prevention, cancer research, and other health-related programs. The Trust uses the money, through grants and programs, to improve the health and quality of life of all Oklahomans by funding programs and services that address, prevent and reduce tobacco use and obesity – health behaviors that contribute to the leading causes of death in Oklahoma, cancer and cardiovascular disease. TSET has statewide grants, local community-based grants and public health education interventions that include Oklahoma Tobacco Helpline, Tobacco Stops With Me and Shape Your Future.

Oklahoma 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. Board is also responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature for the coming fiscal year.

The Office of the State Treasurer is the state agency which supports the state treasurer. The office provides banking and investment services for state agencies, reuniting individuals and businesses with their unclaimed property, and promoting economic development Statewide. The agency consists of the treasurer's staff. Staffers work in the treasurer's offices in the Oklahoma State Capitol in Oklahoma City.

As of 2013, the agency has an annual budget of approximately $8.4 million.^[2] The budget provides funding for approximately 49 full-time employees.

Organization

• State treasurer
  • Chief deputy treasurer
    • Human resources
    • Investment portfolio accounting and reporting
    • Banking services
      • Banking operations
      • Treasury services
    • Finance and budget
    • Unclaimed property
  • Deputy treasurer for policy/chief of staff
  • Deputy treasurer for communications and program administration
  • Chief investment officer
  • Compliance officer/internal auditor

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 Kevin Stitt and State Treasurer Randy McDaniel, 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 Management and Enterprise Services (whose director serves at the pleasure of the governor), is responsible for submitting an annual budget request 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 process. Once the budget is enacted, the state treasurer has no power to alter the budget or to impound funds, but the success of the treasurer's investments influence the funds available for allocation.

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Kevin Stitt

Kevin Stitt

John Kevin Stitt is an American businessman and politician serving as the 28th governor of Oklahoma since 2019. A member of the Republican Party, he was elected in 2018, defeating Democrat and former state Attorney General Drew Edmondson with 54.3% of the vote. Stitt was reelected to a second term in 2022, defeating Superintendent of Public Instruction Joy Hofmeister, a Republican turned Democrat, with 55.4% of the vote. A member of the Cherokee Nation, Stitt is the second governor of Native descent after former Oklahoma governor Johnston Murray.

Randy McDaniel

Randy McDaniel

Randy McDaniel is an American politician who served as the Oklahoma State Treasurer from 2019 to 2023. A Republican, he was a member of the Oklahoma House of Representatives, for the 83rd district, from 2007 through 2019.

Scott Meacham

Scott Meacham

Scott Meacham 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 was subsequently elected to a full four-year term as state treasurer defeating the Republican nominee, Howard Barnett Jr., in the November 2006 general election. He declined to seek reelection as state treasurer in 2010, and joined the Oklahoma City law firm of Crowe & Dunlevy upon completion of his term as state treasurer. In December, 2012, he was appointed as president and CEO of i2e, an Oklahoma City-based non-profit corporation which provides services to startup companies throughout the state.

Oklahoma Secretary of Finance and Revenue

Oklahoma Secretary of Finance and Revenue

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.

Oklahoma Office of Management and Enterprise Services

Oklahoma Office of Management and Enterprise Services

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 provides financial, property, purchasing, human resources and information technology services to all state agencies, and assists the Governor of Oklahoma on developing the annual state budget. Originally called the Office of State Finance, the agency was renamed to its current name in 2012.

Oklahoma state budget

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 legislation regarding the state budget process.

Impoundment of appropriated funds

Impoundment of appropriated funds

Impoundment is an act by a President of the United States of not spending money that has been appropriated by the U.S. Congress. Thomas Jefferson was the first president to exercise the power of impoundment in 1801. The power was available to all presidents up to and including Richard Nixon, and was regarded as a power inherent to the office. The Congressional Budget and Impoundment Control Act of 1974 was passed in response to perceived abuse of the power under President Nixon. The Act removed that power, and Train v. City of New York, closed potential loopholes in the 1974 Act. The president's ability to indefinitely reject congressionally approved spending was thus removed.

The following is a list of those individuals who have serve as state treasurer for Oklahoma:^[3]

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Richard A. Sneed

Richard A. Sneed

Richard Alexander Sneed was an American Confederate veteran, Klansman and politician. After serving in the Confederate States Army during the American Civil War of 1861-1865, he was a co-founder of the Ku Klux Klan chapter in Madison County, Tennessee. A Democrat, he served as the Oklahoma Secretary of State from 1923 to 1927, the Oklahoma State Treasurer from 1927 to 1931, and the Oklahoma Secretary of State again from 1931 to 1935.

Cowboy Pink Williams

Cowboy Pink Williams

Cowboy Pink Williams, born James Pinckney Williams, was an American politician who was the seventh lieutenant governor of Oklahoma from 1955 to 1959 and Oklahoma State Treasurer from 1963 to 1967.

Leo Winters

Leo Winters

Leo Winters was the ninth lieutenant governor of Oklahoma and the 11th State treasurer for the U.S. state of Oklahoma. Winters, a member of the Democratic Party, served alongside Oklahoma's first Republican governor, Henry Bellmon.

Robert Butkin

Robert Butkin

Robert A. Butkin is an American law professor, academic administrator and politician who served as State Treasurer of Oklahoma from 1995 to 2005. Butkin subsequently served as dean of the University of Tulsa College of Law from 2005 until 2007.

Scott Meacham

Scott Meacham

Scott Meacham 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 was subsequently elected to a full four-year term as state treasurer defeating the Republican nominee, Howard Barnett Jr., in the November 2006 general election. He declined to seek reelection as state treasurer in 2010, and joined the Oklahoma City law firm of Crowe & Dunlevy upon completion of his term as state treasurer. In December, 2012, he was appointed as president and CEO of i2e, an Oklahoma City-based non-profit corporation which provides services to startup companies throughout the state.

Ken A. Miller

Ken A. Miller

Kenneth A. Miller is an American educator and Republican politician from Oklahoma. Miller was the 18th Oklahoma State Treasurer, having won that position in the 2010 state election and served the maximum 2 four year terms allowed under state term limits.

Randy McDaniel

Randy McDaniel

Randy McDaniel is an American politician who served as the Oklahoma State Treasurer from 2019 to 2023. A Republican, he was a member of the Oklahoma House of Representatives, for the 83rd district, from 2007 through 2019.

Todd Russ

Todd Russ

Todd Russ is an American politician who has served as the Treasurer of Oklahoma since 2023. He previously served in the Oklahoma House of Representatives representing the 55th district from 2009 to 2022. He was term limited from the Oklahoma Legislature in 2022.