As a member of the senior leadership team, the City of Memphis' Chief Financial Officer "CFO" serves as a credible, knowledgeable and trusted resource to the Mayor and other senior leaders in providing financial strategic leadership and ensure proper enterprise fiscal management.
The CFO is responsible for the financial management of the organization, which includes budget analysis and management, financial modeling and reporting, cost benefit analysis, forecasting needs, accounting and treasury operations, and investment strategies. The mission of the City of Memphis Finance organization is to provide fiscal leadership, integrity, and superior finance services through prudent and efficient management of the City's financial affairs. This includes offering quality, meaningful analysis, and financial perspectives necessary for enterprise decisions and strategic planning.
The CFO leads an authorized fill-time employee complement of 106 which includes Finance (84) and Information Technology (22) staff.
The CFO has ten direct reports. This includes a: Finance Deputy Director, Comptroller, Sr. Purchasing Agent, Budget Manager, Investment Manager, Treasurer, Strategic Planning Manager, MWBE Director, Landmarks Manager and Chief Information Officer.
The new CFO will have responsibility for an annual revenue slightly in excess of $1.18 billion which is managed across six fund categories: general, debt service, enterprise, fiduciary, internal service and special revenue. With the property tax revenue being the largest single source of operating revenues. Also, the CFO is the Chairperson of the Pension Investment Committee, a non-voting member of the Sports Authority Board, and a TIF board member.
City of Memphis CFO will be responsible for overseeing approximately 106 employees and provide overall leadership and direction for financial management for the organization.
More specifically, the CFO will have responsibility for the following areas:
Strategy, Planning and Management
· Acts as Chief Financial Officer and strategic business partner to senior executive leadership team. · Assesses and evaluates financial performance of organization regarding long-term operational goals, budgets and forecasts. · Provides insight and recommendations to both short-term and long-term growth plan of organization. · Communicates, engages and interacts with City Council, Mayor, COO and the City's Executive team. · Selects and engages consultants and auditors
Financial Analysis, Budgeting and Forecasting · Prepares and presents monthly financial budgeting reports including monthly profit and loss by division, forecast vs. budget by division and weekly cash flow by division. · Reviews and analyzes monthly financial results and provide recommendations. · Identifies, develops and executes analysis of business initiatives, product launches and/or new service offerings. · Develops and maintains monthly operating budget and annual operating budget. · Manages financial planning and analysis department. Supervises creation of reports, software implementation and tools for budgeting and forecasting.
Accounting, General Ledger, Administration and Operations · Reviews and ensures application of appropriate internal controls, compliance and financial procedures. · Ensures timeliness and accuracy of financial and management reporting data for federal funders, foundations, investors and company's board of directors. · Oversees the preparation and communication of monthly and annual financial statements and month-end close process, constantly reviewing procedures while eliminating inefficiencies. · Oversees preparation of monthly, quarterly and annual financial statements. · Enhances and implements financial and accounting systems, processes, tools and control systems.
Financial Management · Manages cash flow planning process and ensure funds availability. · Oversees cash, investments and asset management area. · Explores new investment opportunities and provide recommendations on potential returns and risks. · Utilizes forward-looking models and activity-based analysis to provide financial insight into the organization's plans and operating budgets.
Financial Relations and Policies · Represents City of Memphis to banks, financial partners, institutions, investors, public auditors and officials. · Remains current on audit best practices as well as state, federal and local laws regarding company operations. · Oversees cash management and AP Department, approve large payables, sign checks, authorize large wires and ACHs. · Supervises accounts receivable management and provides guidance relating to the collection process. · Understands regulatory environment and compliance obligations. · Accurately creates systems, programs, and processes to enforce all required rules and regulations.
Supplier Diversity · Provides executive sponsorship for the City of Memphis Minority and Women-Owned Business Enterprise (MWBE) program. · Ensures MWBE program has proper resources and implementation to facilitate and increase MWBE participation as well as promoting business diversity in the procurement of services, materials and major projects for the City.
Information Services · Provides executive sponsorship for information technology services across the city of Memphis. · Ensures information services is accountable for leading IT strategy, maintaining the integrity of all systems, electronic records, and data for the enterprise. · Utilizes innovative technology to ensure proper information security and data intelligence to the organization.
Leadership, Culture, and Talent Management · Recruits, interviews and hires top talent for the organization. · Demonstrates values-based leadership – disciplined, principled, has vision and ambition for the organization. · Strong ability in grooming talent and building talent bench strength throughout the organization.
Stakeholder Engagement · Regularly keep the City Council advised as to the general operating and financial consideration of the company through submission of annual budget and other critical reports. · Develops and maintains effective working relationships with city officials, the Mayor and City Council, the business community, employees of other departments, representatives of outside agencies, and the public. · Embraces supplier diversity through growth of Minority and Women Business Enterprises.
The next CFO will be a seasoned executive with a strong professional will and personal humility. The successful candidate will need to be a leader who brings a high level of energy and passion for finance and can work effectively with the City's many stakeholders.
In addition, the successful candidate will need to possess the following critical qualities and capabilities:
Strategic Agility and Innovation Anticipates future consequences and trends accurately; brings creative ideas to market; recognizes strategic opportunities for change; creates competitive and breakthrough strategies.
Leading Change Assesses and adjusts to changing situations as well as anticipates impact of change, and directs self and others in smoothly shifting gears.
Leading People Designs and implements strategies that maximize employee potential, connect the organization horizontally and vertically, and foster high ethical standards in meeting the organization's vision, mission and goals.
Business Acumen Assesses, analyzes, acquires, and administers human, financial, material, and information resources in a manner that instills public trust and accomplishes the organization's mission.
Collaboration Responds and relates well to people in all positions; is a team player and is cooperative; looks for common ground and solves problems for the good of all.
Drive for Results Dependably achieves what he or she sets out to do, and expects others to do likewise.
The new CFO will be a uniquely talented leader who has a strong finance background, a keen strategic focus and a desire and capability to instill a high-performing team. He/she will understand and value the importance of hiring and retaining a talented leadership team, with the focus on developing talent and building a values-based culture focused on service, innovation, collaboration, and accountability.
The successful candidate should have ten or more years of senior management experience, executive level experience in financial and accounting management, and demonstrated leadership and change management competencies. More specifically, this individual will possess the following experience and qualifications:
10+ years in progressively responsible financial leadership roles, with working knowledge of accounting, forecasting, budget preparation, and personnel/payroll operating procedures
Demonstrated ability to lead and develop teams
Ability to analyze complex technical problems and develop recommendations and solutions that are understood in business terms
Excellent written and oral communication skills
Strong negotiating skills
Ability to motivate in a team-oriented, collaborative environment
Additional Salary Information: Depends on qualifications
Memphis is more than the home of the blues and the birthplace of rock n’ roll: It’s a great place to build your career as you work for the city you know and love! Over 6,500 city employees are doing their part to make Memphis a model city for the 21st century. Are you ready to join the ranks?
1. Attract high-caliber talent.
2. Develop our local Memphis talent.
3. Equip our people to be successful.
4. Retain and reward talent.