Director Banking, Investments and Debt

City of Minneapolis•Minneapolis, MN

3d•Hybrid

About The Position

Responsible for overseeing the investment of the City's cash resources and directing activities associated with the City's debt obligations and Municipal debt issuance to finance City projects and planning for capital resource allocations and maintenance of that debt. This position may be eligible for flexible work arrangements, including hybrid work with some days working remotely and some days working in the office. The City of Minneapolis does not sponsor applicants for work visas.

Requirements

Bachelor's Degree in Finance, Public Finance, Math, Accounting, Business Administration or a closely related field, or equivalent.
Seven years of progressively responsible experience related to the duties of the job, including work with or in banking or capital markets and experience with local government decision-making processes.
Experience working with bonds and bond math and accounting for debt insurance and investing.
Successful experience leading a team.
An equivalent combination of education and experience closely related to the duties of the position MAY be considered.
A cover letter and resume are required.
You must attach a cover letter and updated resume to your application.
Minneapolis Police Department criminal background check is necessary.
Applicants must sign an informed consent allowing the City to obtain their criminal history information.
Applicants must pass a pre-employment drug and alcohol test once a conditional offer of employment has been made.
Applicants will be required to sign a notification and consent form prior to undergoing drug and alcohol testing.
Considerable knowledge of the rules and regulations governing public sector banking, merchant cards, investing and debt.
Knowledge of generally accepted accounting principles (GAAP) and governmental accounting standards board (GASB) statements and pronouncements.
Excellent oral, written and interpersonal skills.
Excellent presentation skills and experience conducting meetings in front of government bodies and recorded events.
Demonstrated ability to write clear policy and procedure documents and reports.
Knowledge of available banking services, loan options, and banking relationships.
Strong knowledge of how government bonds are issued, including an understanding of credit rating agency processes, bond arbitrage disclosure rules and regulations, and bond accounting principles.
Strong understanding of IRS Treasury regulations governing the use of tax-exempt bonds.
An overall understanding of how a City operates, where the revenues are derived from, and how expenses are planned and funded.
Considerable knowledge of the math involved in municipal bonds and how the interest rate market impacts bond pricing at different maturity dates.
Considerable understanding of the interest rate risk profiles of the various marketable securities eligible to be purchased and an understanding of the time value of money.
Experience with bond trading for buys and sells.
Has the ability to represent the City in a variety of settings.

Nice To Haves

Master's Degree in Finance, Public Finance, Math, Accounting, Business Administration or a closely related field.

Responsibilities

Direct the City's debt financing process and systems to ensure that timely and accurate projections are developed and appropriate financing instruments are identified and issued in accordance with the City's decisions and goals, applicable laws, and regulations.
Advise and assist department leaders and policy makers on the financial and operational issues and requirements related to securing and servicing debt.
Work with the City's registered investment advisor(s) and investment manager to direct the City's investment portfolio to achieve safety of principal and maximum returns within Federal, State and City requirements governing investment of public funds, especially Minnesota State Statute 118A and GASB policies.
Implement and manage processes and best practices to maximize additional yields on the portfolio of daily cash, short-term fixed income, and other investment assets.
Instigate internal borrowing for City expenditures in lieu of issuing debt.
Prepare and manage RFPs, analyze results, negotiate, prepare and administer contracts for investment managers, advisors, and other financial service providers.
In conjunction with the CFO, Department Heads and their Division Directors ensure that accurate and timely reporting and analyses are available to inform policymakers related to capital investments and cash investments.
With Budget Director, Controller, Senior Advisor to Board of Estimate & Taxation and project accounting staff assure that costs and cash-flow implications of capital projects are well managed and accounted for, including timely closeout of projects.
Represent the City on cooperative financing and investment agreements involving other government agencies.
Establish and monitor the database of all municipal bond and note issues to ensure visibility and execution, accurate forecasting of principal and interest status, investor relations, debt reporting and compliance with continuing disclosure requirements
Mentor direct reports and City staff on evaluating funding options and investments and explain their impact on the organization and its decision-making processes.
Maintain and update investment and debt policies in compliance with applicable Federal, State, and City requirements.
Ensure that investment assets are properly and safely held (in custody) for the City.
Review and assist in preparation of the Annual Comprehensive Financial Report (ACFR), financial statements, schedules, notes, statistical tables and perform high-level review of cash, investment and debt information within fund financial statements for the entire ACFR.
Manage the accounting details and set up of special assessments related to bonds issued for capital projects funded through collection of special assessments.
Provide professional analyses to ensure funding sources for the program are realistic, affordable from a taxing perspective and remain balanced as changes occur.