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Press Releases

Priority Project

2022-2023

<h3>Scope Description:</h3><p>Examine the type of properties maintained by the Office, its management and investment strategy, and examine past performance trends.</p><h3>Evaluation Objectives:</h3><p>This evaluation will be guided by three key objectives within the scope set forth by the Legislative Oversight Committee:&nbsp;</p><ol><li>Assess CLO’s processes for managing real property investments, including acquisition, valuation methods, leases, and disposal.</li><li>Assess the loss restrictions on the principal of CLO’s trust and the Legislature’s role in preserving and maintaining the trust.</li><li>Examine the composition and performance of CLO’s assets.</li></ol>

Scope & Objectives

Commissioners of the Land Office

Executive Summary

Report & Resources

<h3>Summary of Policy Considerations and Agency Recommendations</h3><h4>Policy Considerations</h4><p>The Legislature may consider the following policy changes:&nbsp;</p><ul><li>Directing CLO to adopt a plan to divest of surface land investments as leases expire and convert the value of the holding to interest-bearing investments.&nbsp;</li><li>As land holdings are liquated, allow for a graduated increase in the limit for percent of funds invested in securities.</li><li>Prohibit CLO from making direct investments in companies not publicly traded.</li><li>Require school districts to annually report the amount of distributions received from CLO and a description of how those distributions were used.</li><li>Amend 64 O.S. § 1002A to require CLO to submit a fiscal impact analysis to the taxing district governing body prior to the exchange or purchase of commercial properties, reflecting the impact to ad valorem tax collections.</li><li>Repeal language in 61 O.S. § 327 that authorizes the Secretary of the Commissioners Land Office to provide services to sell, transfer, trade, or purchase real property for State agencies to remove any potential conflicts of interest in opposing priorities.</li><li>Specify permissible uses of money remaining in the Commissioners of the Land Office Fund after CLO operations are funded through appropriations.</li><li>Create a distribution stabilization fund, to be funded out of remaining money in the Commissioners of the Land Office Fund after CLO’s operating budget is withdrawn, to smooth amounts school districts receive.&nbsp;</li></ul><h4>Agency Considerations</h4><p>The Commissioners of the Land Office should:&nbsp;</p><ul><li>Change administrative rules to allow sublease of agricultural lands for compatible uses.</li><li>To save litigation costs, use the Royalty Compliance Division to pursue and capture due royalties on the front end, rather than retroactively recovering revenues after audits determine full payment was not remitted.</li><li>Provide an annual report to the Legislature detailing all funds expended from the Commissioners of the Land Office Fund that are not already included in the agency’s appropriated budget.&nbsp;</li></ul>

Recommendations

June 2023

Evaluations In Progress

Report: #23-000-02
Identify and forecast critical jobs as well as related qualifications, assess gaps in preparedness, and identify strategies to improve career readiness.	

Workforce Readiness

Report: #23-090-02
Examine the historical budget of the agency for the past five years and present the percentage of operational funding sources, to include: revenue billed to State agencies for services, State appropriations, and one-time funds, such as federal relief funds.

OMES Budget Review

Rapid Response

Report: 23-922-01
Examine the operational framework for the Oklahoma Housing Finance Agency, including its governance and accountability, total programs administered by the agency, sources of revenue, and expenditure areas.

Oklahoma Housing Finance Agency

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Commissioners of the Land Office

More Reports & Evaluations

Workforce Readiness

OMES Budget Review

Oklahoma Housing Finance Agency