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State Government Asset Management Ken Miller Oklahoma State Treasurer.

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Presentation on theme: "State Government Asset Management Ken Miller Oklahoma State Treasurer."— Presentation transcript:

1 State Government Asset Management Ken Miller Oklahoma State Treasurer

2 Rightsizing Government: Smaller, Smarter, or Both? A thorough accounting of state-held assets will: Enable better management of state property Provide information needed to make long-term decisions about the state’s real estate needs Possibly generate additional revenue

3 A meaningful accounting of state properties must include relevant property information, such as:  use of property  structures located on property  condition of property  occupancy rate

4 New Reality for Government Budgets Creates Opportunity for Introspection  Are the assets truly the responsibility of the public treasury?  Can the property be better utilized, even if it remains a state asset?

5 An accurate and detailed inventory of state properties would: help identify unnecessary or under-utilized properties allow better planning for future maintenance needs divest properties that could be better used to promote economic and community development return value and revenue to localities

6 National Perspective Many states, and even federal government, pursuing monetization of assets, however, there currently is no clear example of a long- term, coordinated plan Opportunity for Oklahoma to become the first with a coordinated effort at asset monetization

7 The “Great Garage Sale” Federal government: marketing thousands of excess government-owned properties for sale North Carolina: budget requires the sale of aircraft, expected to generate $1.5 million Connecticut: raised $15 million between 2009 and 2010 from the sale of properties and assets

8 State Models Asset management programs tasked to the treasurer in the following states: New Jersey Arizona Ohio

9 Ohio State Treasurer Office State Properties Program

10 Arizona Permanent Endowment Fund


12 State of New Jersey Department of the Treasury County Acreage Summary of State Owned Property

13 Oklahoma State Treasurer As the state’s bank, manages more than $22 Billion in annual deposits $8.7 Billion in federal funds flow through Has between $5 to $6 Billion in operating funds invested on a daily basis Manages and safeguards nearly $500 million in the State’s Tobacco Settlement Fund, approximately $100 million in the EDGE fund, and the State’s College Savings Program and Unclaimed Property Program

14 “ Simply using the proceeds from surplus assets sales or savings from privatizations to fund annual operations of state government is not appropriate.” - From “Bold Ideas for Oklahoma” recommendations Governor Fallin’s Task Force on Economic Development and Job Creation. September 19, 2011

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