Connecticut StateDepartment of Administrative Services

Cash Management Director

Recruitment #210406-1499MP-001

Introduction

The Office of the State Treasurer exists to provide and ensure effective financial management of public resources, high standards of professionalism and integrity, and expanding opportunity for State of Connecticut residents and businesses.

Under the leadership of Connecticut's State Treasurer Shawn T. Wooden, the Office of the Treasurer (OTT) is dedicated to safeguarding the state's financial resources and taxpayers' dollars, while maximizing returns, minimizing risks and operating at the highest professional and ethical standards.  Through investments and disbursements, the office continues to enhance the state's fiscal stability, financial literacy, college savings, and its approach to leveraging business partnerships to combat social issues such as gun violence, climate change, and equal opportunity in economic growth.

We are recruiting for a Cash Management Director to work full-time, 40 hours per week in the Cash Management Division, located in Hartford, CT, with a Monday to Friday schedule.

Division Overview

The Office of the Treasurer, through its Cash Management Division, is responsible for managing the state’s cash movements, banking relationships and short-term investments, including: Maintaining maximum investment balances by ensuring more timely deposits, controlling disbursements, minimizing bank balances and banking costs, and providing accurate cash forecasts; Earning the highest current income level in the Short-Term Investment Fund (STIF), providing for the safety of principal, first, and the provision of liquidity, second;  Providing responsive services to STIF investors;  Prudently investing more stable fund balances for longer periods and higher yields, including banks that meet standards for financial strength and community support;  Protecting State deposits through well-controlled internal operations and use of banks that meet standards for financial strength;  Improving operating efficiency by increased use of electronic data communication and funds processing; and Providing State agencies with technical assistance on cash management and banking issues.

The Cash Management Division consists of 18 employees under the direction of an Assistant Treasurer, organized into three areas of specific responsibility: The Bank Control and Reconciliation unit maintains accountability for the State’s internal and external cash flow. The unit tracks the flow of funds through 18 Treasury bank accounts and authorizes the release of State payroll, retirement and vendor checks. More than three million transactions are accounted for and reconciled annually. The unit also processes stop payments and check reissues. In addition, the unit works with state agencies to speed the deposit of funds and identify mechanisms to reduce banking costs, reviews state agencies’ requests to open new bank accounts, maintains records of the State’s bank accounts held by individual banks, reviews bank invoices and compensation, and manages the Division’s procurement efforts for new bank services. The unit also manages the insurance collateral program in conjunction with the Department of Insurance, which requires companies writing insurance policies in the State to deposit securities and funds totaling a fixed percentage of the policies’ value. On June 30, 2020, approximately $359 million in securities were pledged to the program.

 

Selection Plan

All applicants must include a resume within the "Resume Tab" of their application.  Applicants invited to interview may be required to submit additional documentation, which supports their qualification(s) for this position.  These documents may include:  performance reviews, supervisory references, college transcripts, licensure, etc., at the discretion of the hiring agency.

Should you have questions pertaining to any phase of this recruitment, please contact:  Lorna Reid, lorna.reid@ct.gov.

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Office of the Treasurer Cash Management Division this class is accountable for direction of staff and the operations of a major sub-division.

EXAMPLES OF DUTIES

Recommends, implements and evaluates division policies, goals and objectives; designs and develops division programs and activities; implements new procedures and makes procedural revisions; directs management and coordination of unit staff; participates in preparing the division budget.

BANK CONTROL AND RECEIPT UNIT: Directs staff in operation of recording receipts, disbursements, account adjustments of all State of Connecticut Funds; directs the recording of all civil list deposits for State of Connecticut as well as all payroll, lottery and vendor disbursements for State of Connecticut; recommends new legislation; monitors pending legislation and implements new legislation; performs related duties as required.

CASH CONTROL AND FORECASTING UNIT: Directs staff in maintenance of sufficient cash balance in State bank of deposit to cover items presented for collection; monitors daily cash receipts and disbursements from depository banks and directs reserves to a bank of concentration for immediate investment; prepares and monitors detailed cash projections in time frames appropriate to realize maximum investment return on State common cash; performs related duties as required.

CASH REPORTING, ACCOUNTING AND RECONCILIATION UNIT: Directs staff in reconciliation on bank accounts maintained by State Treasurer; develops, recommends, evaluates and implements reconciliation policies and procedures; directs preparation of monthly and annual financial reports; provides assistance to other state agencies on Federal Reserve Regulations; performs related duites as required.

KNOWLEDGE, SKILL AND ABILITY

Considerable knowledge of and ability to apply management principles and techniques; considerable knowledge of accounting principles and practices; considerable knowledge of cash management practices and procedures; interpersonal skills; oral and written communication skills; considerable ability to interpret and apply complex statutes and accounting procedures; considerable ability in preparation and analysis of financial statements and statistical reports.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Ten (10) years' experience in accounting, auditing or public finance.

MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE

Two (2) years of the General experience must have been in cash management at the professional level in a supervisory capacity.

Notes:

  1. Professional level accounting work is interpreted as work performed as a professional accountant, auditor, examiner or financial officer with responsibility for the exercise of independant analysis and judgement in the application of accounting principles and practices.
  2. For state employees this is the level of a Supervising Accountant.

MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED

  1. College training may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years for a Bachelor's degree.
  2. A Master's degree in business administration or a closely related field may be substituted for one (1) additional year of the General Experience.

Conclusion

AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER

The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.



Click on a link below to apply for this position:

Fill out the Supplemental Questionnaire and Application NOW using the Internet.




The State of Connecticut is an Affirmative Action/Equal Opportunity Employer and strongly encourages the application of women, minorities and persons with disabilities.