Debt Manager

Full Job Description

The Department of Finance plays a pivotal role in supporting the City of Norfolk, ensuring efficient and transparent financial operations across a broad spectrum of City functions. From financial reporting and payroll to procurement and risk management, we work collaboratively to ensure the fiscal health of our City and its residents. As part of our team, you’ll help shape the City’s financial future while benefiting from a dynamic, supportive work environment.

The Debt Manager leads the Debt and Cash Management Division, a critical component of the Department of Finance. This role directly impacts the City’s ability to finance its growth and development through timely and reliable access to capital markets. The Debt Manager will oversee the City’s debt portfolio, which includes financing for both core municipal operations and four enterprise funds, totaling approximately $1.5 billion. The Debt Manager will be supported by 3 dedicated team members who report directly to the Debt Manager.

• Develop Debt Strategies & Plans: Design, implement, and manage strategies for both long-term and short-term debt to ensure the City can meet its capital needs for infrastructure, public services, and growth initiatives.
• Capital Financing & Market Access: Facilitate the City’s access to capital markets, ensuring competitive financing rates for major infrastructure projects and operations. Build and maintain strong relationships with financial institutions, and other service providers.
• Debt Portfolio Management: Oversee and analyze the City’s $1.5 billion debt portfolio, ensuring strategic administration, compliance with regulations, ongoing investor disclosure, and timely payment of all obligations.
• Credit Ratings & Compliance: Safeguard and improve the City’s credit ratings by working closely with rating agencies and maintaining compliance with City financial policies, and best practices.
• Provide Specialized Advice: Offer expert guidance to City leadership and departments on debt-related matters, including financing strategies, risk management, and long-term fiscal planning.
• Transaction Execution & Implementation: Lead the execution of debt financing transactions, including bond issuances, loan agreements, and other capital funding activities.

Collaboration & Leadership: Work closely with various City departments and the City’s Financial Advisor to understand their financial needs, provide solutions, and align debt strategies with broader City goals.

Mentor and guide team members in the Debt and Cash Management Division to foster professional growth and enhance departmental effectiveness.

Requirements

Bond Issuance & Capital Markets Management:
• Coordinate the bond issuance process in collaboration with the City’s financial advisor, bond counsel, and City staff. This includes:
  • Analyzing cash flows to determine the timing and amount of bond issuance.
  • Evaluating refunding opportunities and alternative financing structures.
  • Producing official statements, rating agency presentations, and coordinating related events.
  • Scheduling public hearings and reviewing debt-related legal documents.
  • Maintaining an investor relations outreach strategy.
Debt Service & Financial Administration:
• Oversee the City’s debt management team to ensure:
  • Timely debt service payments and maintenance of debt service schedules.
  • Tracking and proper expenditure of bond proceeds.
Innovative Financial Solutions:
• Review and implement innovative financing options, consistent with the City’s financial policies, to optimize fiscal health.
Analysis & Reporting:
• Monitor key issues impacting the City’s debt, including financial policy, market trends, credit developments, and legislative/regulatory changes.
• Manage the production and distribution of financial and statistical data related to the City’s debt, including quarterly reports, transmittal letters for financings, and the Annual Debt Manual.
Rating Agency & Credit Relations:
• Partner with the City’s financial advisor to manage relationships with rating agencies, ensuring the City maintains strong credit ratings for its general obligation and revenue bonds.
• Assist the City’s Budget and Strategic Planning Department with capital planning and debt affordability, including developing the annual Debt Service Budget and long-term debt forecasts.
Capital Planning & Financial Strategy:
• Collaborate with other City departments to develop and update cash flow projections for the Capital Improvement Program (CIP).
• Identify financing alternatives for capital projects and develop financial strategies for implementation.
• Monitor and manage the City’s outstanding debt portfolio, ensuring compliance with post-issuance tax and disclosure regulations.
Revolving Line of Credit Management:
• Manage the City’s Revolving Line of Credit to provide interim cash flow financing for capital needs, ensuring compliance with debt covenants and exploring alternative financing structures when needed.
  
Debt Compliance & Policy Development:

• Review and ensure adherence to the City’s financial policies to support the long-term fiscal health of both the general and enterprise funds.
• Recommend and help implement debt management policies to ensure the City’s financial integrity and credit rating.
  
Tax Compliance & Underwriting Pool Management:
• Stay informed on federal regulations regarding tax-exempt debt to ensure continued tax compliance.
• Manage the City’s underwriting pool to support capital needs and foster strong relationships with underwriters.
  
Long-Term Financial Reporting:
• Lead the preparation of long-term debt and debt service fund financial reporting workpapers, including footnotes related to the City’s debt.
  
Leadership & Staff Development:
• Provide leadership to attract, develop, and retain diverse, competent staff who support the Department’s mission and goals.
• Promote a workplace that values equity and diversity, ensuring a respectful environment and providing opportunities for staff development.
• Guide staff performance, ensuring that work plans align with organizational goals, and provide constructive feedback and discipline when necessary.
  
Collaboration & Communication:
• Foster positive relationships between departments and teams, enhancing collaboration and communication.
• Participate in meetings and discussions related to capital borrowing plans, the City’s financial condition, and other financial interests.
  
Industry Knowledge & Professional Growth:

• Stay abreast of industry trends and developments in municipal finance and capital markets.
• Guide City staff on emerging market trends and financial compliance responsibilities.
• Seek out professional development opportunities for both personal growth and the development of team members.
  
Operational Management:

• Develop and modify work plans, procedures, and priorities to meet the Division’s needs and adapt to changing circumstances.
• Perform other duties as required by the Director of Finance, based on department priorities.
Support to Leadership:

• Provide support to the Director and Assistant Directors, assisting in decision-making and departmental functions as needed.

Qualifications

Work requires broad knowledge of the municipal bond markets, advanced statistics and quantitative analysis, accounting, budgeting and business administration. Knowledge is normally acquired through four years of college resulting in a Bachelor's degree or equivalent.

Required:

• Five years of experience in municipal finance, including debt issuance, financial modeling, and familiarity with federal laws, regulations, and best practices governing municipal debt management.

Additional Information

Work Schedule:

• Monday – Friday, 8:30am to 5:00pm
Signing Bonus:
• This position is eligible for a one-time $5,000 signing bonus.