state government asset management ken miller oklahoma state treasurer
TRANSCRIPT
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State Government Asset ManagementKen MillerOklahoma State
Treasurer
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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
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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
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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?
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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
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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
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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
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State Models
Asset management programs tasked to the treasurer in the following states:•New Jersey•Arizona•Ohio
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Ohio State Treasurer OfficeState Properties Program
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Arizona Permanent Endowment Fund
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State of New JerseyDepartment of the TreasuryCounty Acreage Summary of State Owned Property
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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
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“ 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