State Treasurer's Office Seeking Funding Increase To Manage Fund

OKLAHOMA CITY (AP) -- The board governing Oklahoma's tobacco settlement trust fund decides to provide a preliminary budget for the State Treasurer's office to manage the fund.<br/><br/>James Wilbanks

Wednesday, May 17th 2006, 6:04 am

By: News On 6

OKLAHOMA CITY (AP) -- The board governing Oklahoma's tobacco settlement trust fund decides to provide a preliminary budget for the State Treasurer's office to manage the fund.

James Wilbanks is director of revenue and fiscal policy for the state Treasurer's office. He told board members Tuesday that Oklahoma's tobacco settlement trust fund has grown to $300-million, and the office needs more money to continue its management.

The trust fund was created by the voters in 2000 to specify how Oklahoma's share of the 1998 Master Settlement Agreement with tobacco companies should be administered.

State Treasurer Scott Meacham, who chairs the trust fund's board of investors, said the fund has produced more than $8-million for public health programs in the past five years.

The treasurer's office contracted with the board to manage the fund for $85,000 annually, but Wilbanks said projections show costs will top $97,000.

Board member Casey Killblane questioned whether that the money would go only toward fund duties.