ABOUT THE NEW JERSEY INFRASTRUCTURE BANK
The New Jersey Infrastructure Bank (I-Bank) is an independent State financing authority that plays a central role in advancing critical infrastructure investment throughout New Jersey. Working in partnership with State agencies, the I-Bank provides cost-effective financing to local governments and other eligible entities for water, transportation, and resilience projects that protect public health, strengthen communities, and support the State’s long-term economic vitality.
The I-Bank funds approximately $900 million (100-130 projects) of projects annually and manages a portfolio of approximately 1,500 loans equaling more than $5 billion. Through 195its financing programs, the I-Bank manages significant public funds, supports complex infrastructure endeavors, and helps deliver projects that improve drinking water systems, protect environmental resources, enhance transportation safety and mobility, and strengthen resilience across the State.
POSITION SUMMARY
The New Jersey Infrastructure Bank (I-Bank) is seeking an experienced financial executive to serve as its Chief Financial Officer (CFO). Reporting to the Executive Director, the CFO serves as the I-Bank’s senior financial executive and provides strategic leadership for the I-Bank’s finance, accounting / financial reporting, budgeting, cash and investment management, audit, credit-risk, and debt-financing functions.
The CFO serves as principal advisor to the Executive Director and senior leadership on financial strategy and works closely with State and federal partners, borrowers, financial institutions, rating agencies, auditors, and professional advisors.
The CFO also plays a key role in modernizing financial systems and processes, including financial reporting and budgeting, and advancing the structure and administration of the I-Bank’s financing programs.
IDEAL CANDIDATE
The ideal candidate is an accomplished financial executive and an effective change leader who can oversee the I-Bank’s core accounting and public finance responsibilities while modernizing financial systems and processes, optimizing the structure and administration of the I-Bank’s financing programs, and building sustainable procedures and reporting practices.
DUTIES AND RESPONSIBILITIES
Strategic Planning & Program Development
Partner with the Executive Director and senior leadership peers to advance the financial and operational objectives of the I-Bank’s lending programs, including:
- Participating in the development and review of proposed financial, legal, operational, and compliance program changes;
- Establishing and enhancing finance-related policies, procedures, and standard operating procedures (SOPs) to strengthen consistency, accountability, internal controls, and the retention of institutional knowledge; and
- Providing financial leadership in the evaluation and development of program structures, financing strategies, and strategic initiatives.
Accounting
- Lead the I-Bank’s accounting and financial reporting functions, ensuring accurate, timely, and reliable financial information and appropriate internal controls
- Lead the transition from legacy systems, including Microsoft Access-based processes, to modern financial and data-management solutions
- Evaluate and improve accounting processes, workflows, and controls to increase efficiency, accuracy, transparency, and scalability
- Identify and implement appropriate technology, applications, and professional services to modernize financial operations and reporting
Public Finance
- Provide executive financial leadership for the I-Bank’s Water Bank, Transportation Bank, and other financing programs
- Lead the financial implementation and ongoing administration of open-end indenture structures for applicable bond-financed programs.
- Evaluate existing financing structures and recommend improvements that enhance efficiency, flexibility, liquidity, and long-term program sustainability.
- Coordinate with Bond Counsel, Financial Advisors, other legal and financial professionals, and internal leadership on the review and implementation of financing structures and related documents.
- Integrate technology and financial data processes that support accurate and efficient annual reporting of the NJ Water Bank program’s State Revolving Funds (SRF) metrics to the USEPA and other governmental and regulatory entities.
Budgeting
- Develop and lead an efficient, organized annual budget process, including preparation of financial information required for submission to the Legislature and other State stakeholders.
- Establish effective quarterly budget reporting that clearly communicates the I-Bank’s financial position, budget-to-actual performance, significant variances, and other information needed by executive leadership and the Board.
- Strengthen financial forecasting and management reporting to support informed organizational and program decisions.
Investments & Cash Management
- Oversee the I-Bank’s operating and program cash and investment portfolios, with a focus on preservation of principal, liquidity, compliance with applicable policies and requirements, and investment performance; and
- Develop and maintain multi-year cash flow and liquidity forecasts encompassing operating and program revenues, expenditures, projected financing activity, and other anticipated cash requirements to support liquidity management, investment decisions.
Employee Management
- Lead and develop the Accounting and Finance team, comprising of eight professionals, establishing clear roles, priorities, performance expectations, and accountability for timely, accurate, and high-quality work.
- Build organizational capacity through coaching, professional development, cross training and succession planning, and knowledge transfer to strengthen the team and ensure continuity of critical financial functions.
- Oversee performance evaluations and employee development for the Accounting and Finance team, and provide recommendations for recruitment, promotion, and disciplinary matters, as appropriate.
REQUIREMENTS
Knowledge, Skills, and Abilities:
- Comprehensive knowledge of accounting, financial management, budgeting, cash management, investments, internal controls, and financial reporting, and applicable governmental accounting standards, including GASB standards.
- Ability to develop and interpret complex cash-flow, debt, liquidity, interest-rate, credit, and program-capacity models and translate the results into clear recommendations for executive management and the Board.
- Strong knowledge of public finance, municipal credit, debt issuance and post-issuance administration, capital markets, and governmental infrastructure financing programs, with the ability to interpret and apply applicable laws, regulations, policies, contracts, financing documents, and audit requirements and compliance standards.
- Demonstrated executive leadership and people- management skills, including goal setting, coaching, performance management, team development, resource planning, procurement, and vendor management.
- Excellent written, verbal, presentation, negotiation, and stakeholder-management skills, including the ability to explain complex financial information clearly to varied audiences.
- Advanced proficiency with Microsoft Excel and working proficiency with Microsoft Word and financial, accounting, data, and workflow systems used to support financing, servicing, and reporting operations.
Education:
- Bachelor’s degree from an accredited college or university and seven (7) years of experience involving financial management and analysis or budgets and management operations of a State or local governmental entity or private business, including four (4) years in a managerial capacity.
OR
- Master’s degree in Business Administration, Accounting, or Finance and a minimum of six (6) years of the above-described professional experience, including four (4) years in a managerial capacity.
License:
- Applicants must possess a valid Certified Public Accountant license issued by the NJ State Board of Accountancy
- Appointees must possess a driver's license valid in New Jersey only if the operation of a vehicle is necessary to perform essential duties of the position
Residency: Pursuant to N.J.S.A. 52:14-7 (L. 2011, Chapter 70), also known as the “New Jersey First Act,” all new public employees are required to obtain principal residence in the State of New Jersey within one (1) year of employment. For more information, please visit: https://nj.gov/labor/lwdhome/njfirst/NJFirst.html
Work Authorization: The selected candidate must be authorized to work in the United States according to the Department of Homeland Security, United States Citizenship, and Immigration Services Regulations.
Equal Employment Opportunity
The New Jersey Infrastructure Bank is an Equal Opportunity Employer and complies with all applicable federal and State laws prohibiting discrimination in employment. Employment decisions are made without regard to race, color, religion, sex, sexual orientation, gender identity or expression, national origin, age, disability, veteran status, or any other protected status under applicable law.
