Related State Issuers
Todd Russ,
State Treasurer
Learn about State of Oklahoma, including Featured News and The Team.
Source
Source
The Office of the State Treasurer provides banking, investment, unclaimed property and debt oversight services for the state of Oklahoma.
The Deputy Treasurer for Debt Management is a position within the Treasurer's Office that serves as staff to the Council of Bond Oversight. Pursuant to the terms of the Oklahoma Bond Oversight and Reform Act, the Council of Bond Oversight reviews and must approve any request for financing by a State Governmental Entity.
The Deputy Treasurer for Debt Management provides advice and assistance to the Governor and Legislature on matters relating to capital planning, debt issuance, and debt management. Additionally, the Deputy Treasurer for Debt Management assists all State Governmental Entities with capital financings, reviews and approves fees and charges associated with such transactions, and represents the interests of the State before the bond rating agencies and credit enhancement providers. The State Treasurer's Office also administers the Private Activity Bond Allocation Act.
Wednesday, February 14, 2024
Today, Governor Kevin Stitt and Treasurer Todd Russ celebrated Oklahoma's strong financial standing after Fitch Ratings released their revised Rating Outlook, moving Oklahoma’s rating from 'Stable' to 'Positive.' Fitch Ratings becomes the third rating agency to improve Oklahoma's outlook within the last year, following Moody's and S&P.
**"I'm proud of Oklahoma's conservative fiscal policies, and I commend Treasurer Russ for his commitment to keeping Oklahoma on sure footing,” **said Gov. Stitt. “We know that Oklahoma is the best place to build a business and raise a family, and having a solid economic track record shows the world that we are in a strong position to face any financial challenge.”
Fitch's updated rating highlights several positive financial trends for the state to adjust spending when necessary, such as quick action to address revenue shortfalls and budgets at ninety-five percent of projected operating revenues, a long pattern of supplemental pension contributions and restoration of service levels. Fitch applauded Oklahoma’s strong fiscal reserves and our broad economy. They also affirmed the following ratings of the state:
"We appreciate acknowledgment from the well-known bond rating agency, Fitch Ratings, noting the state’s sustained improvements in expenditure flexibility and overall fiscal management,” said Treasurer Russ. “With particular emphasis on conservative budgeting practices through economic cycles of revenue volatility, I’m proud to join the Governor, Speaker and Pro Tempore to advocate for Oklahoma taxpayers."
In a statement, Fitch Ratings said, in part: "Fitch's revision of the Outlook on Oklahoma's 'AA' long-term IDR to Positive from Stable reflects the state's sustained improvements in expenditure flexibility and overall fiscal management, particularly its adherence to conservative budgeting practices through economic cycles including the recent period of revenue volatility caused by the coronavirus pandemic. The state has consistently taken timely action to address revenue shortfalls and budgets only 95% of projected operating revenues. A long pattern of supplemental pension contributions and restoration of service levels enhances the state's ability to adjust spending when necessary."
The full report from Fitch Ratings can be found here.
Last Modified on Feb 14, 2024
Governor Kevin Stitt and Treasurer Todd Russ today celebrated Oklahoma's strong financial standing after Moody's Investors Service revised the state's credit outlook from stable to positive.
Clink link for full story
More than $9 billion in upgrades are planned in the latest updates of both the Oklahoma Department of Transportation’s Eight-Year Construction Work Plan and Four-Year Asset Preservation Program.
Approved Monday by the Oklahoma Transportation Commission, the Federal Fiscal Year 2024-2031 Eight-Year Construction Work Plan contains $8.8 billion worth of critically needed transportation improvement projects designed to improve the safety and reliability of Oklahoma’s highway network. The companion 2024-2027 Asset Preservation Plan includes a nearly $500 million investment in preventative maintenance to extend the life of the state’s highway infrastructure.
The two plans together will address the 15 remaining structurally deficient highway bridges in the state that were not already under contract for rehabilitation or replacement. Another 395 bridges at risk of becoming structurally deficient are also included. The Construction Work Plan also includes 1,100 miles of improvements to 2-lane highways with deficient shoulders.
“Through the dedicated focus of the Eight-Year Plan, the department has been able to address critical highway infrastructure needs, especially on our bridges,” said Secretary of Transportation and ODOT Executive Director Tim Gatz. “We’re adjusting that focus in recent years to improve more of those rural two-lane highways that need shoulders. This is will have a tremendous impact on safety in rural areas. Maintaining safe and effective routes on Oklahoma’s highway system is a critical part of the state’s economy that keeps us connected to the nation and the world.”
Investments in Oklahoma’s transportation system have made significant impacts to the quality and level of service of the state’s highway infrastructure since the first Eight-Year Plan was approved in 2003. At that time, Oklahoma had 1,168 structurally deficient bridges on the highway system, making the state among the worst nationally for bridge conditions. Oklahoma was ranked No. 5 in 2022 thanks to strategic planning with the Construction Work Plan and continued commitments from legislators, governors and ODOT officials in the past two decades.
FFY 2024-2031 Eight-Year Construction Work Plan
FY2024-2027 Asset Preservation Plan
Notable projects added or advanced in the Eight-Year Construction Work Plan include:
Federal grants helped offset increased estimates due to inflation and rising materials costs on some projects in the latest plan updates. These included including an $85 million Mega grant for the I-44 and US-75 interchange in Tulsa and a $45 million TIFIA loan for 29 miles of improvements to rural two-lane highways with deficient shoulders. In total, the Eight-Year Plan includes 1,738 individual projects and the Asset Preservation Plan includes another 290 projects. The Oklahoma state legislature also committed $200 million in a one-time allocation to the Rural Economic Transportation Reliability and Optimization Fund. Per RETRO Fund provisions, these resources will help accelerate construction, repair and maintenance of Eight-Year Construction Work Plan projects in qualifying rural areas that have experienced robust economic development causing an impactful increase to traffic volumes and safety concerns.
“The legislature must be commended for supporting the needs of Oklahoma’s transportation network with the $200 million allocation of RETRO Funds,” Gatz said. “The RETRO funding that has been provided this year has been an absolute difference-maker and where at one-time we had envisioned it would help us advance some projects, and we did advance some, but it kept some very critical projects on the path to construction in an inflationary environment that was challenging for us to manage.”
An interactive map showing all projects on both plans can be found on the ODOT homepage at www.odot.org, under “Programs and Projects” then “ODOT Construction Work Plan.” This tool allows users to easily locate projects and related information.
Deputy Treasurer for Debt Management
OCIA Director
Senior Bond Analyst