Manager, Cash and Finance - Philadelphia Gas Works

The Manager, Cash and Finance, is responsible for the management and oversight of PGW’s cash and investment portfolios, Tax-Exempt Commercial Paper (“TXCP”) program, and bank accounts/banking relations. This position is responsible for developing and implementing cash management strategies, including establishing appropriate corporate cash policies, developing and implementing the end-to-end set of steps for cash the management process and treasury cash management systems and workstations. The incumbent will indirectly manage a small team that develops the daily net cash position, monitors bank receipts and disbursements. The incumbent is PGW’s primary liaison with Investment Managers of third-party investment firms, the Executive Director of the Sinking Fund Commission with respect to PGW’s Retirement Reserve Fund, the City of Philadelphia’s Treasurer with respect to the PGW’s Bond Sinking and Capital Improvement fund. The incumbent is responsible for developing processes and procedures that are efficient, low cost, highly visible, and provide availability to cash balances.

Responsibilities Include:

Cash Strategy and Policy

Establish and manage PGW’s short-term investment funds in compliance with the City of Philadelphia’s investment policy so surplus cash can be invested at an attractive yield with safety and liquidity.

Maintain PGW’s investment portfolio investment schedules including the accurate reporting of earned income and accrued income in sufficient detail to calculate monthly journal entries and audit compliant schedules.

Communicate and liaison with the Executive Director of the Sinking Fund Commission and monitoring the monthly funding requirements for the PGW Retirement Reserve Fund’s monthly payroll.

Communicate and liaison with the City of Philadelphia’s Treasurer’s office and monitoring. PGW’s Bond Sinking Fund and Capital Improvement Fund. Review and approve all employee expense reports and processing employee reimbursements according to PGW’s current policy.

Maintain and update Treasury related policies and procedures.

Daily Cash Operations

Manage the recording and maintenance of all cash disbursements, which includes check distribution and electronic funds transfers, monthly sales tax filings and weekly payroll tax payments, other accounts receivable, maintenance of pension files, employee expense reimbursement administration and balancing and maintenance of company petty cash funds.

Responsible for PGW’s Tax-Exempt Commercial Paper Program including the accurate maintenance of all related schedules, journal entries for interest expense and related fees in an audit compliant format.

Maintenance of related bank balances to facilitate TXCP maturities.

Tracking IRS related regulations is performed in concert with appropriate Bond Counsel.

Work effectively with Bond Counsel to maintain legal status of the TXCP program including the preparation of related City Council ordinances, letter of credit agreements and other documents as needed. Ensure that proper safeguards and controls are in place to protect against fraud and theft.

Bank Accounts and Banking Relations

Manage all banking relations with PGW’s three main cash management banks.

Analyze bank fees with corporate cash management banks and negotiate and benchmark fees.

Review and evaluate corporate banks’ cash management services.

Approve the opening and closing of all bank accounts. Open, close and change bank signatories on bank accounts.

Responsible for the implementation, upgrade, and maintenance of PGW’s electronic fund transfer “Paymode” process.

Responsible for the implementation, upgrade, and maintenance of an integrated receivable system used to setup customer gas accounts electronic payments.

Work with banks on cash management issues and provide financial market information to the Treasurer, Controller, and Chief Financial Officer.

Other Related Functions

Work on special projects related to cash management, accounts payable, and payroll, as needed.

Ability to communicate clearly and persuasively to management, union and other employees regarding customer service initiatives, issues and problems.

Resolve customer needs and addressing issues affecting customer satisfaction in a timely fashion to ensure they are adequately addressed within the goals established for the department.

Perform process evaluations for compliance with company procedures and policies.

Periodically review the Treasury Department’s cash management processes to evaluate opportunities to improve efficiencies, expand services, reduce costs, and increase revenue. As subject matter expert, the incumbent is responsible for the implementation of changes to these processes with assistance from other Team members.

Maintain up to date knowledge of current tax, pension and related accounting regulations and standards; ensure unit is up-to-date and processing information in accordance with federal, state and local regulations.

Assist with the implementation and maintenance of treasury workstations, bank software, and/or other treasury related technology.

Perform other special projects and assignments as requested.

Qualifications:

Bachelor’s degree in accounting, Finance, Business Administration or another related field.

5 – 7 years’ experience working in payroll, database management, project management or other related experience.

Must have analytical skills with the ability to produce detailed verbal and written project and financial reports.

Must have leadership ability with a willingness to lead, take charge, and offer opinions to provide guidance to lower-level peer group and assist director in identifying the best people for special assignments and advancement.

Must have knowledge of Oracle Financials, BCCS, ADP, or other similar/related financial software products.

Must be familiar with Accounting Software packages, preferable Oracle Financials. An Equivalent combination of education and experience may be acceptable in lieu of a degree.