ACCOMPLISHMENTS DURING FIRST TERM OF STATE TREASURER TODD RUSS

Accounting & Reporting

  • Receiving two clean, unqualified audit reports for:
    • FY22 and FY23 with the Oklahoma State Treasurer and
    • FY23, FY24 and FY25 with the Tobacco Settlement Endowment Trust or “TSET”.

Banking

  • Months away from completion of bringing the legacy banking system to replacement.
  • Converted JP Morgan credits to cash equaling $1,671,548 with credits carried over for future expenses.

Investing

  • Implementing our new Bloomberg trading platform to bring better pricing, competitiveness and efficiency in investments operations.
  • Established a partnership for security lending services, increasing interest earnings from $200k to the General Fund by approx. $8.5 million annually while the increase over the average is $7.2M or 550%.
  • Surpassing our investment earnings goals:
    • In 2023, by $34 million, for a total of $220 million in annual investment revenue.
    • In 2024, by $42 million for a total of $376 million in annual investment revenue.
    • In FY25, by $46 million for a total of $450 million in annual investment revenue.
  • Securing a new firm for the TSET large-cap portfolio while reducing cost and fees by seventy-nine percent (79%).
  • Implemented proxy voting reforms for neutral investment decisions in state investments and pensions.
  • Launched AgLink providing lower interest loans through banks to the agriculture industry.
  • Expanded access for community banks to FDIC protected capital through IntraFi Program.

Debt Management

  • Moody’s Ratings and S&P Global Ratings upgraded the state’s credit rating to Aa1 and AA+, respectively, which represents the second-highest rating possible.
  • Fitch Ratings has maintained a Positive Outlook on the state’s credit rating since February 2024 while receiving an rate upgrade in 2026.
  • Oversaw the issuance of $3.4 billion of bonds and obligations across state issuers in 2025, topping the $1.8 billion issued in 2024.
  • Improved the efficiency of private activity bond volume cap allocation, a limited but important resource for the financing of affordable housing and economic development projects across the state.

Oklahoma Capitol Improvement Authority

  • Created and implemented the $1.2 billion Legacy Capital Financing Fund, ushering in a new approach to capital project funding. Through this direct financing mechanism, the state is projected to save $650 million* in interest and other bond-related expenses.
  • Generated $62.3 million in interest earnings for the Legacy Capital Financing Fund in the first 2.5 years.
  • Directed $101.3 million of the $225.0 million from the Oklahoma Capital Assets Management and Protection Fund, at the direction of the Long Range Capital Planning Commission.
  • Refinanced two series of bonds, saving over $10.5 million in future interest expense.

Unclaimed Property

  • Paying the highest single claim in state history of $3.1 million.
  • Outsourcing holder reporting, revising internal rule and policy and increasing probate requirements.
  • Implementation of a new software program to improve internal operation and increase claim efficiency and effectiveness.
  • Launched two satellite offices for Unclaimed Property: one in Clinton and one in Muskogee providing better access for our constituents.
  • Paid $89.7 million in claims while in office and returned $630.4 million since office inception.

Oklahoma ABLE

  • Eclipsing $10 million in total balances of all OK Stable accounts, with an increase to total balances by 42% and accounts by 26%.
  • Rebranding program to set apart from other states to increase awareness.

Oklahoma Education Savings Program

  • Hitting $1 billion in withdraws, negotiating fees down from 20 to 10 BPS, winning a gold MARCOM award, Bronze Star status and a Good Housekeeping 2023 Parenting award.
  • Promotional efforts while in office generated a 10.5% increase in accounts, $250 million assets under management a 21.6% increase and average account size of $19,750 an increase of 13.6%.

Oklahoma SEED Program

  • Distributing more than 1,300 OK 529 scholarships to students across Oklahoma and beyond helping with college, Career Tech or apprenticeship cost, strengthening the future of Oklahoma’s workforce.

Oklahoma Tax Commission

  • Mandated Oklahoman’s be able to opt-in for the type of refund they want from the Government: ACH, Card or CHECK!