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

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....

, to serve at the pleasure of the Governor. The Secretary serves as the chief adviser to the Governor on fiscal policy

Fiscal policy

In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....

 and taxation.

The current Secretary is Preston Doerflinger

Preston Doerflinger

Preston Doerflinger is an American businessman and politician who currently serves as the Oklahoma Secretary of Finance and Revenue. Doerflinger was appointed by Governor of Oklahoma Mary Fallin on January 19, 2011...

, who was appointed by Governor Mary Fallin

Mary 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....

 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

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 Governor's Cabinet has evolved into a major part of...

, by the Executive Branch Reform Act of 1986

Executive Branch Reform Act of 1986

The Executive Branch Reform Act of 1986 is an Oklahoma state law that requires the Governor of Oklahoma to organize the various departments, agencies, boards, commissions and other entities of the state's executive branch into a cabinet system.The Executive Branch Reform Act was signed into law by...

. 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

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...

. As of 2010, at least two Secretaries have served in that dual position. Alternatively, Secretary 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...

 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

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...

, developing fiscal policy

Fiscal policy

In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....

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

Financial market

In economics, a financial market is a mechanism that allows people and entities to buy and sell financial securities , commodities , and other fungible items of value at low transaction costs and at prices that reflect supply and demand.Both general markets and...

 through the regulation of financial institutions, consumer credit, and securities

Security (finance)

A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...

. 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

2011 Oklahoma state budget

The Oklahoma State Budget for Fiscal Year 2011, is a spending request by Governor Brad Henry to fund government operations for July 1, 2010–June 30, 2011. Governor Henry and legislative leader approved the budget in May 2010...

, 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.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

Preston Doerflinger

Preston Doerflinger is an American businessman and politician who currently serves as the Oklahoma Secretary of Finance and Revenue. Doerflinger was appointed by Governor of Oklahoma Mary Fallin on January 19, 2011...

 also serves as the Director of 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...

, 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 Oklahoma State Auditor and Inspector The Oklahoma State Auditor and Inspector is the chief financial officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for overseeing and reviewing the financial accounts of all government agencies within Oklahoma....	169	$13.6	Performs financial audits of State government
Commissioners of the Land Office Oklahoma Commissioners of the Land Office The Oklahoma Commissioners of the Land Office is an agency of the government of Oklahoma. The Land Office was created by the Oklahoma Constitution and is responsible for managing and controlling lands and funds granted to the state under the provisions of the Organic Act...	63	$5.5	Manages school lands
Department of Consumer Credit Oklahoma Department of Consumer Credit The Oklahoma Department of Consumer Credit is an agency of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury...	19	$2.5	Regulates non-institutional credit markets
Department of Insurance Oklahoma Department of Insurance The Oklahoma Insurance Department is an agency of the government of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. OID is responsible for supervising and regulating all insurance business in Oklahoma....	153	$13.7	Regulates insurance companies
Department of Securities Oklahoma Department of Securities The Oklahoma Department of Securities is an agency of the state of Oklahoma. The Department oversees the securities business in Oklahoma. The Department regulates securities agents, broker-dealers, and investment advisers as well as the registration of stocks, bonds, and many other types of...	28	$4.9	Regulates securities and stock
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...	186	$73.9	Oversees all State finances and prepares State budget for Governor
Tax Commission Oklahoma Tax Commission The Oklahoma Tax Commission is the Oklahoma state government agency that collects taxes and enforces the internal revenue laws of the state. The Commission is composed of three members appointed by the Governor of Oklahoma with the approval of the Oklahoma Senate...	1150	$165.6	Collects State taxes and enforces tax laws
State Banking Department Oklahoma State Banking Department The Oklahoma State Banking Department is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order...	40	$6.6	Regulates financial institutions
Office of the State Bond Advisor Oklahoma State Bond Advisor The Oklahoma State Bond Advisor is an officer of the state of Oklahoma that provides advice and assistance to the Governor of Oklahoma on matters relating to capital planning, debt issuance, and debt management. The Office borrows money to operate the Oklahoma state government and manages the...	2	$0.3	Manages State debt
Firefighters Pension and Retirement System Oklahoma Firefighters Pension and Retirement System The Oklahoma Firefighters Pension and Retirement System is an agency of the government of Oklahoma that manages the public pension system for firefighters in Oklahoma...	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 Oklahoma Public Employees Retirement System The Oklahoma Public Employees Retirement System is an agency of the government of Oklahoma that manages the public pension system for majority of Oklahoma state employees...	56	$508.2	Provides retirement benefits for State employees
Police Pension and Retirement System Oklahoma Police Pension and Retirement System The Oklahoma Police Pension and Retirement System is an agency of the government of Oklahoma that manages the public pension system for municipal police officers in Oklahoma...	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 Oklahoma State Pension Commission The Oklahoma State Pension Commission is an Oklahoma state agency responsible for analyzing the performance of the State's public pension systems. The Commission also advices the Governor of Oklahoma and the Oklahoma Legislature on necessary action to improve the pension systems...	N/A	N/A	Oversees all public pension systems
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...	N/A	N/A	Estimates State revenue for fiscal year
Capitol Improvement Authority Oklahoma Capitol Improvement Authority The Oklahoma Capitol Improvement Authority is an Oklahoma state agency responsible for issuing bonds to finance the construction of State buildings. The Authority also issues bonds to finance state highway construction. The Oklahoma Department of Central Services is responsible for providing...	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 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...  served under
Tom Daxon Tom Daxon Thomas E. "Tom" Daxon is an American businessman and politician from Oklahoma. Daxon has held numerous positions with the Oklahoma state government, including being elected Oklahoma State Auditor and Inspector in 1978 and serving as the Oklahoma Secretary of Finance and Revenue under Governor of...	1995	2003	Frank Keating Frank Keating Francis Anthony "Frank" Keating is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999...
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...	2003	2011	Brad Henry Brad Henry Charles Bradford "Brad" Henry was the 26th Governor of the U.S. state of Oklahoma. A member of the Democratic Party, he was elected governor in 2002...
Preston Doerflinger Preston Doerflinger Preston Doerflinger is an American businessman and politician who currently serves as the Oklahoma Secretary of Finance and Revenue. Doerflinger was appointed by Governor of Oklahoma Mary Fallin on January 19, 2011...	January 19, 2011	Present	Mary Fallin Mary 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....

External links

• Office of the Secretary of Finance and Revenue website