Virginia Secretary of Finance

Virginia Secretary of Finance
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Post	Secretary of Finance
Body	Commonwealth of Virginia
Seat	Richmond, Virginia
Appointer	Governor of Virginia
Formation	1972
Inaugural	Maurice B. Rowe

Virginia Secretary of Finance

The Virginia Secretary of Finance is a senior executive official in the Commonwealth of Virginia charged with fiscal stewardship, budgetary oversight, revenue administration, and financial policy coordination for the Commonwealth. The office interacts with the Governor of Virginia, the Virginia General Assembly, the Treasurer of Virginia, and independent agencies such as the Department of Accounts and the Department of Taxation to implement appropriations, manage debt, and advise on fiscal strategy.

Overview

The Secretary serves as a principal fiscal adviser to the Governor of Virginia and participates in executive cabinet meetings, working alongside officials including the Attorney General of Virginia, the Secretary of Education (Virginia), the Secretary of Health and Human Resources (Virginia), and the Secretary of Transportation (Virginia). The Secretary coordinates with the Virginia General Assembly, including the Senate of Virginia and the Virginia House of Delegates, on biennial budgets and fiscal legislation. The office liaises with statewide elected officials such as the Treasurer of Virginia and the Comptroller where applicable, as well as with federal entities like the United States Department of the Treasury and the United States Department of Education when federal funds intersect with state fiscal programs. The Secretary also engages with regional bodies such as the Northern Virginia Transportation Authority and organizations including the Virginia Municipal League and the Virginia Association of Counties.

History

The position emerged amid 20th-century reforms in Virginia public administration, building on antecedents like the Comptroller of Virginia and the Treasurer of Virginia. The modern cabinet-level post was formalized during governmental reorganizations influenced by models from other states such as New York (state) and California. Notable historical interactions include coordination with federal fiscal initiatives like the New Deal and later responses to recessions tied to the 1973 oil crisis and the 2008 financial crisis. Secretaries have worked with governors from both the Democratic Party (United States) and the Republican Party (United States), navigating policy debates in eras defined by figures such as L. Douglas Wilder, George Allen (Virginia politician), Mark Warner, and Terry McAuliffe. The office's role expanded with the growth of agencies like the Virginia Department of Medical Assistance Services and with increases in state bonding overseen by entities modeled after the Municipal Bond Market and the Securities and Exchange Commission regulations.

Powers and Responsibilities

The Secretary advises the Governor of Virginia on the preparation of the Commonwealth's biennial budget and coordinates with the Director of the Bureau of the Budget (Virginia) and the Joint Legislative Audit and Review Commission on fiscal analyses. Responsibilities include oversight of revenue forecasting in coordination with the Virginia Department of Taxation and debt issuance through programs informed by the Municipal Securities Rulemaking Board and market participants such as Moody's Investors Service, Standard & Poor's and Fitch Ratings. The Secretary helps administer federal funding streams including grants from the United States Department of Health and Human Services and procurement standards aligned with the General Services Administration. The office enforces compliance with statutes like the Appropriations Act (Virginia) and collaborates with the Virginia Auditor of Public Accounts on audits and internal control improvements. In financial emergencies the Secretary coordinates with Federal Reserve Board policies and state-level emergency management agencies like the Virginia Department of Emergency Management.

Organization and Agencies Overseen

The Secretary provides executive oversight or policy direction for several agencies, boards, and authorities, often including the Virginia Department of Accounts, the Virginia Department of Taxation, the Treasurer of Virginia’s office, the Department of Planning and Budget (Virginia), and the Virginia College Building Authority. Other entities under the Secretary’s purview may include the Virginia Public School Authority, the Virginia Retirement System, the Virginia Small Business Financing Authority, and the Virginia Economic Development Partnership when fiscal policy intersects with development incentives. The Secretary works with the Virginia Housing Development Authority on financing affordable housing and with the Virginia Innovation Partnership Corporation on investment strategies. Collaborative oversight often includes quasi-public entities like the Virginia Port Authority and bond-issuing authorities modeled after the Massachusetts Development Finance Agency.

Appointment and Term

The Secretary is appointed by the Governor of Virginia with the advice and consent of the Senate of Virginia and typically serves at the pleasure of the governor, aligning terms with gubernatorial administrations such as those of Ralph Northam, Glenn Youngkin, Tim Kaine (politician), and Jim Gilmore. There is no fixed statutory term; Secretaries may be reappointed or continue service across administrations subject to political and legislative confirmation processes. The appointment process involves vetting by executive staff, coordination with legislative leaders in the Virginia General Assembly, and adherence to ethics laws enforced by the Virginia Conflict of Interest and Ethics Advisory Council.

Notable Officeholders

Notable individuals who have held the office include former Secretaries who later served in other prominent roles, such as Maurice B. Rowe, and those who interfaced with national policy through ties to figures like Robert F. McDonnell, Ken Cuccinelli, and Ralph Northam. Secretaries have interacted with financial leaders including Warren Buffett-era advisors, municipal finance experts from firms such as Goldman Sachs and JPMorgan Chase, and academic economists from institutions like the University of Virginia, the College of William & Mary, the Virginia Commonwealth University, and George Mason University. Their careers often span posts in state legislatures, federal agencies such as the Department of the Treasury (United States), and private-sector finance roles with institutions like KPMG and Deloitte.

Category:Government of Virginia