The AWWU Finance Division Director acts as Chief Financial Officer (CFO) for the Utility, and reports to the General Manager as a key member of the Executive Leadership Team. Position requires a broad understanding of GAAP, regulatory practices, financial principles, GASB accounting rules, Utility Tariff, Municipal Code, State law, collective bargaining agreements, Municipal and Utility policies and procedures as they apply to the delivery of AWWU Services. Position also requires the ability to handle multiple tasks, activities, and competing priorities in a dynamic work environment.
The CFO will manage all financial aspects of two regulated utilities with a combined annual revenue stream of over $110 Million. The CFO directs the activities of a Division staff of twenty in implementation of the following duties:
Prepare Long Range Financial Plans and assemble annual budgets in keeping with the plans. Administer annual audits by external auditors as well as other groups. Ensure compliance with bond covenants. Prepare revenue requirement studies, cost of service studies, and depreciation studies. Submit and defend rate cases. Manage all fixed asset accounting records. Obtain needed capital to fund plant expansion and maintenance. Manage accounts payable function.
Prepare financial records and documents, including audited stand-alone financial statements in accordance with GAAP, GASB, and NARUC standards for two distinct regulated utilities. Manage annual audits and examinations of these records by AWWU’s external auditing firm, the internal audit department of the MOA, the Regulatory Commission of Alaska and other external groups including federal agencies. Ensure audit opinions are unqualified and that any unfavorable management letter comments are minimized and addressed as appropriate.
Conduct studies of revenue requirements, cost-of-service, and depreciation of asset value for each utility on a regular basis, and file same with the Regulatory Commission of Alaska (Commission). Preparation of these studies requires strategic planning, determination of normalization adjustments, maintenance of input models, development of assumptions, maintenance of proper fixed asset accounting records, and ensuring timely retirements of fixed assets removed from service.
Conduct and defend rate cases with the Commission, including preparation and filing of supporting testimony, response to discovery requests from the Commission or parties formally opposing filings submitted to the Commission. Negotiate stipulations with the Commission as appropriate.
Acquire and ensure capital funding on behalf of two distinct regulated utilities. This funding is generally the form of revenue bonds, grants, and low interest loans. Ensure proper compliance with debt service coverage and other bond covenants. Monitor future principal and interest payment requirements to ensure repayment ability is maintained. Prepare and present financial presentation to AWWU Board of Directors, the Municipal Assembly, the Commission, and external rating agencies as required to obtain the highest bond ratings possible.
Prepare, present, and defend annual operating budgets for two distinct regulated utilities. Incorporate capital budgets into operating budgets by determining cash needs, impact of interest expense, and payments in lieu of taxes, such as municipal utility service assessment (MUSA). Present monthly pro forma reports to the AWWU Board on monthly, year-to-date, and projected year-end revenue, expenditures, and variance from budget.
Manage Utility financial transactions, including payroll, procurement, and accounts payable in conformance with Municipal Code, using the Municipal Enterprise Resource Planning software system. Advise on GASB and GAAP principles with respect to all procurement by the Utility, and certify funding for procurement activities including contracts and purchase orders for goods and services, including construction.
Graduation from an accredited college or university with a degree in an appropriate field and five years of experience in the field, or an equivalent combination of experience and education that provides the required knowledge, skills, and abilities.
Must have a valid drivers’ license at the time of hire.
Appropriate experience may be substituted for the degree on a year for year basis, which provides the expertise to effectively perform the duties of the position.
Additional Salary Information: The Municipality of Anchorage offers a comprehensive benefits package that includes a choice of health insurance plans, life insurance, vision, audio, dental, and Long Term and Short Term Disability plans. There is a voluntary 401K and a 457 Deferred Compensation plan. Annual leave is accrued at various rates depending on the length of service with the Municipality of Anchorage. The Municipality is a member of the Public Employee’s Retirement System (PERS). This position is appointed by the Mayor and serves at the pleasure of the Mayor. For more information about Anchorage Water and Wastewater Utility, please visit our website at www.awwu.biz The Municipality of Anchorage is an Equal Opportunity and Affirmative Action Employer.
About Anchorage Water and Wastewater Utility (AWWU)
The Anchorage Water and Wastewater Utility (AWWU) is the largest water and wastewater utility in Alaska. AWWU currently serves the Municipality of Anchorage extending from Eklutna to as far south as Girdwood. Although they share one workforce, AWWU operates as two separate economic and regulated entities: The Anchorage Water Utility (AWU) and the Anchorage Wastewater Utility (ASU).
AWWU owns... and operates five Treatment Facilities (2 water and 3 wastewater), over 1,600 miles of pipe, and over 325,000 square feet of facility space distributed throughout the Municipality. The certificated water service area covers 130.4 square miles in three distinct geographic areas, Northern Communities, the Anchorage Bowl, and Girdwood Valley. Estimates place the water service population at approximately 240,000 people via nearly 55,000 customer accounts.