Director of Investments & Debt Management

Director of Investments & Debt Management
City of Minneapolis Finance & Property Services Department
 Minneapolis, Minnesota
Job Description

As the largest and most vibrant city in the state, Minneapolis depends on purposeful, dedicated and innovative employees. Minneapolis has a large variety of careers for people of all experiences and backgrounds who come together for a singular purpose—serving the residents, businesses and visitors of Minneapolis.

The Director of Investments & Debt Management is an appointed position responsible for overseeing the investment of the City's cash resources; directing activities associated with the City's debt obligations; Municipal debt issuance to finance City projects and planning for capital resource allocations and maintenance of that debt; and Development and facilitation of the capital budgeting process for City infrastructure in coordination with the City’s budget office.

Job Duties and 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, investment managers, and City's internal investment committee 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.
  • Serve as the primary lead on the Citywide capital budgeting process including liaison to the 33-member Mayor and City Council appointed Capital Long-Range Improvement Committee (CLIC), an advisory committee for capital budget recommendations.
  • 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, Executive Secretary of the 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 Comprehensive Annual Financial Report (CAFR), financial statements, schedules, notes, statistical tables and perform high-level review of cash, investment and debt information within fund financial statements for the entire CAFR.
  • Manage the accounting details and set up of special assessments related to bonds issued for capital projects funded through collection of special assessments.
  • Identify and implement enhancements to the capital budget process and develop budget guidelines for City departments.
  • Prepare agendas and conduct meetings with the 33-member committee of citizen appointees to consider capital budget requests.
  • Provide professional analyses to ensure funding sources for the program are realistic, affordable from a taxing perspective and remain balanced as changes occur.
  • Be responsible for the preparation of the capital improvement plan (CIP) document for department heads and policy makers summarizing the results of the Capital Budget process.

Knowledge, Skills and Abilities:

  • Considerable knowledge of the rules and regulations governing public sector investing and finance and knowledge the agencies involved.
  • Considerable knowledge of generally accepted accounting principles (GAAP) and governmental accounting standards board (GASB) statements and pronouncements.
  • Excellent oral and written communication skills.
  • Excellent presentation skills and experience conducting meetings with large groups of people.
  • Demonstrated ability to write clear policy and procedure documents and reports.
  • Certified Public account or Financial Analyst is desirable.
  • 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 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.
  • Strong interpersonal skills and ability represent the City in a variety of settings.

Required Qualifications:

Required Experience

  • Bachelor's Degree in Finance, Accounting, Business Administration or a closely related field and seven years of progressively responsible experience related to the duties of the job, including work in capital markets and experience with local government decision-making processes.  
  • Experience working with bonds and an understanding the math involved in the bond markets, and how the interest rate market impacts bond pricing.

Equivalency

  • 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.

Background Check

  • The City has determined that a criminal background check and/or qualifications check may be necessary for certain positions with this job title.
  • Applicants may be required to sign an informed consent form allowing the City to obtain their criminal history and/or verify their qualifications in connection with the position sought.
  • Applicants who do not sign the informed consent form will not be further considered for the position.
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