The Office of Financial Management has administrative responsibility for the investment and debt management functions of the Commonwealth. Through the authority of the State Investment Commission, the Office manages many investments for the state and its agencies. The goals of the Office are to create financial value for the Commonwealth by preserving cash access in maximizing return, and at the same time, to protect existing funds through effective risk management. The Office also conducts the state's bond sales, which provide financing for major projects, purchases and improvements. When issuing debt, the Office seeks to achieve the lowest debt service costs consistent with sound financial principles and program objectives.