Oklahoma State Treasurer - Powers and Responsibilities

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 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.