The Office borrows money to operate the Oklahoma state government and manages the resulting debt.

The Oklahoma Council on Bond Oversight is the statutory body responsible for reviewing all borrowing requests by State agencies, authorities, departments, and trusts, including public institutions of higher education.

As of 2014, the members of the Council are as follows: The Oklahoma Long-Range Capital Planning Commission is an oversight body created by statute to advise and assist the Oklahoma Legislature in providing for capital facilities in the state.

Each year, the Commission prepares a state capital plan for addressing state, regional and local public capital facility needs for the next five years.

The Governor of Oklahoma, at the time he prepares the state budget, is to use the state capital plan to prepare a capital budget for consideration by the Oklahoma Legislature.