Learn about Oklahoma Capitol Improvement Authority, including Featured News, Key Projects, The Team, and Authority Members.
The Oklahoma Capitol Improvement Authority (OCIA) was created in 1959 to provide bond funding for the construction of office buildings and other infrastructure support for various departments and agencies of the State of Oklahoma, particularly those currently leasing office space.
During its history, the Authority has funded numerous building and infrastructure improvements, including projects benefiting many state agencies, state colleges and universities, correctional facilities, and highway improvements.
The Authority issues Revenue Bonds backed by lease agreements with the various state entities. Upon extinguishment of the bond debt, the improvements remain the property of the Authority or become the property of the state entity leasing the improvement. The Authority also currently operates several state office buildings for the benefit of state agencies.
OKLAHOMA CITY (AP) — Oklahoma closed the books on the fiscal year that ended June 30 with a $282 million deposit into the state’s Rainy-Day Fund, state finance officials announced on Thursday.
“State leaders have exercised fiscal discipline during the pandemic,” Treasurer Randy McDaniel said. “This announcement from a widely respected independent source is welcome news.”
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Oklahoma Credit Outlook Improves
OKLAHOMA CITY – Saying Oklahoma state government has done well managing its finances during the pandemic, Standard & Poor’s Global Ratings has revised the state’s outlook from negative to stable, State Treasurer Randy McDaniel announced today.
S&P had placed the state on negative outlook at the start of the COVID-19 pandemic last year. With the revision announcement, the state’s current credit rating of AA was affirmed.
Treasurer McDaniel said the outlook change is encouraging and should help the state reduce interest costs on future bond issues.
“State leaders have exercised fiscal discipline during the pandemic,” McDaniel said. “This announcement from a widely respected independent source is welcome news.”
The S&P outlook change also anticipates responsible decision-making will continue.
The report states the revision is based, in part, on “the expectation that Oklahoma’s legislative and executive branches will reach consensus on actions to restore and maintain structural balance in future budgets and sustain a commitment to rebuilding reserves.”
The state’s primary reserve funds are the Constitutional Reserve Fund and the Revenue Stabilization Fund. They currently contain approximately $230 million, which is about 3 percent of general revenue appropriations. The combined balance topped $1 billion prior to the pandemic.
Other factors cited by S&P for its more favorable outlook include the state’s relatively low debt burden and its decade-long history of sufficient pension funding.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929
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Senior Bond Analyst
Assistant Director
Governor Kevin Stitt, Chairman
Lt. Governor Matt Pinnell, Vice Chairman
Treasurer Randy McDaniel, Secretary
Steven Harpe, Member
State COO
Executive Director of OMES
Charles Prater, Member
Commissioner, Oklahoma Tax Commission
Tim Gatz, Member
Secretary of Transportation
Executive Director of ODOT & OTA
Justin Brown, Member
Secretary of Human Services and Childhood Initiatives
Director of OKDHS
Jerry Winchester, Member
Executive Director of Tourism and Recreation
