Director of Treasury

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Director of Treasury

Salary

$207,096.45 - $257,498.59 Annually

Location

San Francisco, CA

Job Type

Regular/Full-Time

Remote Employment

Flexible/Hybrid

Job Number

425

Section

Treasury & Revenue

Opening Date

06/10/2022

EQUAL OPPORTUNITY EMPLOYER

The Metropolitan Transportation Commission is an equal-opportunity, non-discriminatory employer. MTC provides all employees and applicants with an equal opportunity in every aspect of the employment experience regardless of race, color, religion, sex, sexual orientation, gender identity, age, national origin, physical handicap, medical condition or marital status.

DESCRIPTION

THIS POSITION WILL REMAIN OPEN UNTIL FILLED
IF YOU ARE INTERESTED, PLEASE APPLY IMMEDIATELY
First review of applications tentatively scheduled for Monday, July 11, 2022
A resume and cover letter are not required with your application, but highly encouraged  

 As of July 1, 2022, the new salary range will be $207,096.45 - $257,499.06 Annually

Be ready to rethink your assumptions about the public sector. Flexible hours? Flexible work location? A beautiful, well-located, high amenity building for on-site work? Yes, yes, and yes!  

The Metropolitan Transportation Commission (MTC) is the transportation planning, funding and coordinating agency for the nine-county San Francisco Bay Area.  For more information about MTC, visit www.mtc.ca.gov.

This senior leadership position in the Metropolitan Transportation Commission (MTC) organization reports directly to the Chief Financial Officer (CFO). As the Director of Treasury, the highly experienced professional will oversee debt administration, cash, and investment management for MTC, Bay Area Toll Authority (BATA), Association of Bay Area Governments (ABAG), and affiliated entities. The Director of Treasury will be an important contributor across the entire MTC organization.  
 
The Director of Treasury position will be responsible for the oversight, day-to-day operations and proactive management of all the debt, investment and interest rate derivative activities of MTC and its affiliated entities both internally and externally for the organization.  The capital markets portfolio includes over $11 billion of debt (including $1.3 billion of conduit debt), nearly $4 billion in investable assets, and $1.4 billion in interest rate derivatives. The objectives of the Treasury Operations team are to manage the organization's liquidity and generate interest income in accordance with prudent governmental investing practices, mitigate its financial risk, provide adequate financial controls, ensure regulatory compliance, provide monthly reporting and reconciliations, and ensure sufficient cashflow to meet project needs, and to obtain outside capital needed to meet the agencies' goals.
 
Treasury staff prepares the Annual Comprehensive Financial Report (ACFR) schedules and the footnote disclosures and implements Government Accounting Standards Board (GASB) pronouncements related to debt, investment and derivatives, and works with MTC’s financial reporting staff and external auditors, as necessary.  

Under the guidance and direction from the CFO, the Director of Treasury will work with Municipal Advisors, bond and disclosure counsel, and investment bankers to consider and develop financing plans, and to provide appropriate financial information to Rating Agencies, Investors, and periodically to the MTC Commission and other governing boards.  

The Treasury Operations group is currently divided into three teams:
  • BATA Debt and Swap
  • Banking Operations and Investment Management
  • ABAG FAN Conduit Debt
 All employees at MTC are classified as Disaster Service Workers. 

SKILLS AND ABILITIES

The ideal candidate will have the following preferred knowledge, skills and abilities: 

Preferred Qualifications

  • Master's degree in a related field from an accredited college or university.
  • Five or more years of experience accessing the capital markets in the municipal sector, including:
    • Structuring and issuing taxable and tax-exempt bonds, 
    • Implementing long-term and short-term borrowing strategies, 
    • Managing banking relationships, 
    • Negotiating bond and bank documents, 
    • Preparing and managing internal controls and risk mitigation measures,  
    • Managing liquidity positions, and developing cashflow forecasts and investment strategies, 
    • Managing day-to-day Treasury operations,
    • Managing debt, swap and investment portfolios,
    • Developing and implementing rating agency and credit strategies.

MINIMUM QUALIFICATIONS

An appropriate combination of education and experience that has provided the required knowledge, skills and abilities is qualifying. A typical way of obtaining the required qualifications is: 

Education: Completion of a Master's degree from an accredited college or university in an appropriate discipline related to the area of assignment. Applicants with a degree issued from an institution outside the United States must have their transcripts evaluated by an academic accrediting service and provide proof of equivalency along with their application.  

Experience: Six (6) or more years of increasingly responsible experience effectively leading and managing a division or department doing related work.  Management or similar experience in business or public administration; presenting to boards' commissions, and/or committees, rating agencies, investors, responding to rating agencies, investors, bankers, public inquiries and requests, and reporting to executive management is also expected.

Alternatively, a Bachelor's degree with an equivalent combination of education and experience is acceptable. 

License/Certificate: Possession of a valid California Class C driver's license and a safe driving record, or the ability to provide alternate transportation which is approved by the appointing authority.  

ESSENTIAL DUTIES AND RESPONSIBILITIES

Under the direction of the Chief Financial Officer, specific assignments and responsibilities include, but are not limited to, the following:   

Banking/Investments

  • Manage the Agency's $3 billion investment portfolio 
    • Determine short-term and long-term investment options in accordance with the Agency's adopted investment policy and California State Code 36400;
    • Execute trades and prepare and review the monthly investment reports to the Commission; 
    • Oversee the management of the Agency’s funds to the extent that such management is done by outside parties;
  • Oversee cash management including: Treasury operations, collections, reconciliations, risk management, funding strategies, banking relations, cash flow forecasting, and investments;
  • Manage and monitor the Agency's cash flow and liquidity position;
  • Develop, update and monitor Treasury operational policies; oversee compliance for Treasury operations and provide accounting support to external auditors and internal accounting staff;
  • Collaborate with bank relationship managers to implement best practices, improve financial controls, and automate processes within Treasury;
  • Lead strategic treasury projects and programs such as streamlining treasury processes, setting controls, leading risk management, creating bank account structures, improving financial reporting and updating processes and controls;
  • Manage commercial and custody banking teams, external investment managers, and broker relationships. Lead, coordinate, and oversee treasury/liquidity, risk, and compliance management activities;
  • Manage the Agency's Section 115 Trust accounts; 
  • Review financial products as they relate to the investment portfolio;
Debt Management
  • Oversee debt issuance and ongoing administration including financing strategies, cash flow and debt administration; 
  • Administer BATA's $10 billion senior/subordinate and tax exempt/taxable debt portfolio consisting of Toll Revenue Bonds that include fixed/variable rate bonds, index rate/term bonds, Build America Bonds, a $700 million Letter of Credit (LOC) Facility, and $1.4 billion interest rate swap portfolio;
  • Manage ABAG FAN's $1.3 billion conduit debt portfolio consisting of financing transactions for housing, healthcare, education facilities, community facilities districts, and non-profit organizations; administer the portfolio’s continuing disclosures and housing and regulatory compliance reports and prepare and monitor the portfolio's cash flows and forecasts;
  • Manage and coordinate all aspects of the Agency’s debt portfolio and ongoing compliance, including: 
    • Collaborate with banking team to develop, structure, and implement financing transactions to meet the Agency's capital needs, 
    • Analyze, develop and implement debt management strategies to reduce the Agency’s cost of capital and/or reduce risk,
    • Work with the banking team to maintain and develop cash flow models, 
    • Analyze, monitor and report on the Agency’s financial and debt covenants and the requirements outlined within the Bond Indentures,
    • Ensure compliance with the Agency's adopted Debt Policy and the Federal and State statutes relating to government debt,
    • Review and prepare portions of the official statements and public disclosures for the public markets, 
    • Participate in document meetings with legal counsel and banking team, 
    • Work with rating agencies to secure ratings and maintain the Agency's long-term debt ratings of AA, 
    • Work with the desks/underwriters with structuring and pricing debt obligations, 
    • Make presentations to the rating agencies and investors, 
    • Communicate with investors about the Agency's debt portfolio, ongoing financial strengths and financial needs, and 
    • Negotiate the terms and conditions of credit facilities and debt documents; 
  • Prepare and evaluate responses to RFP’s, RFQ's and assist with the selection of underwriters, municipal  advisors, and investment managers;
  • Review and analyze financial products as they relate to the debt and swap portfolios; negotiate terms and conditions as they relate to the financial products;
  • Manage relationships with the investment banking team, the LOC syndicate, remarketing agents, trustees, swap counterparties, bond counsel, underwriter and disclosure counsels, rating agencies, and institutional investors;
  • Provide guidance and serve as financial lead to outside departments for all questions and analysis related to the debt and investment portfolios.

THE FOLLOWING ARE AMONG THE BENEFITS OFFERED TO MANAGEMENT STAFF OF MTC:

  • Public Employees Retirement System (PERS); employee contributes a portion of gross salary on a pre-tax basis.
    • MTC is subject to California Pension Reform and as of January 1, 2013 will offer two pension plans. The plan employee will receive will be based on the individual's historical pension plan membership. HR will discuss this directly with all final candidates.
    •    
  • Health Benefits Insurance through the Public Employees' Retirement System (premiums are shared between agency and employee).
    •    
  • Agency-paid Dental Insurance (dependent coverage shared by the employee and MTC).
    •    
  • Agency-paid Vision Care Insurance, employees only (dependent coverage is paid in full by employee).
    •    
  • Agency-paid Life, AD&D, Short Term and Long Term Disability Insurance.
    •    
  • Eleven paid holidays per year.
    •    
  • One day per month paid vacation leave; for each year of service, an additional day per year is granted to a maximum of 25 days per year.
    •    
  • One day per month paid sick leave, with no limit to the amount of sick leave that can be accumulated.
    •    
  • Personal Business leave; up to three (3) days per year depending upon date of hire.
    •    
  • Monthly Transit/Parking Subsidy.
    •               
  • Alternative employee paid payroll savings plans available (tax-deferred compensation plans).
       
  • Two employee-paid voluntary participation programs which are pre-tax, dependent care and flexible spending accounts.
       
  • Voluntary Supplemental life insurance.
    •    
  • Employee Assistance Program.
     

Agency
Metropolitan Transportation Commission
Address
375 Beale Street, Suite 800

San Francisco, California, 94105
Phone
415-778-6700
Website
http://www.mtc.ca.gov
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