Financial Analyst IV

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Financial Analyst IV

Salary

$83,583.00 - $109,625.00 Annually

Location

MI, MI

Job Type

Certified-Regular Civil Service

Job Number

20240113205104OCFOJS

Department

Off Chf Financial Officer

Division

ODFS - Administration

Opening Date

08/29/2024

Closing Date

9/20/2024 11:59 PM Eastern

Bargaining Unit

9000-Non Union Salary Regular Service General

• Description

• Benefits

• Questions

Description

Be a Part of the City You Love!

The Office of the Chief Financial Officer - Office of Departmental Financial Services division is accepting applications for a Financial Analyst IV position.

Position Summary

Financial Planning and Analysis consists of three main areas: (1) performing the annual and long-term financial planning processes, including project management responsibilities, development and analysis of budgets and forecasts, and design and compilation of presentation materials for internal and external audiences; (2) conducting ongoing analysis of organizational, financial, and operational performance, analysis related to specific projections or initiatives (including restructuring or efficiency), and benchmarking performance against peer organizations; and (3) designing and producing a suite of reporting materials related to organizational financial and operational performance for both internal and external audiences.

Financial Analysts establish forecasts for the City and its Agencies by projecting future financial outcomes using historical financial and operational data, identified initiatives, external markets and economic conditions. Financial Analysts project revenues and expenditures for a series of years using a set of assumptions established by senior leadership.

Financial and operational performance is measured by analyzing Income Statements, Balance Sheets, Statements of Cash Flow, general ledger accounts, cost center and other detailed financial and operational data. Financial Analysts use this data to evaluate, track, and report on the targets and measures of the City and its Agencies’ goals, objectives , and benchmarks .

Financial Analysts compare budget to actual data, calculate variances, ratios, and trends and identify performance of City Agencies in comparison to the City’s budget. Financial Analysts, utilizing operational metrics, charts, graphs and spreadsheets, present findings and recommendations to the Chief Financial Officer (CFO) and identify risks associated with a City Agency’s particular strategy or project .

Financial Analyst IV

This is the advanced level. The Financial Analyst may function as a lead analyst or head analyst. At this level, Financial Analysts are responsible for overseeing the work assignments of other professionals or have regular assignments which have been recognized as having significantly greater complexity than those assigned at the experienced level.

Based on the program functional area, parenthetical titling may be used when special subject matter knowledge of a specific functional area is required .

Examples of Duties

The duties and responsibilities specified below are representative of the range of duties and responsibilities assigned to this job class and are not intended to be an inclusive list.

• Partners with City Agencies to oversee the development of multi-year operating and capital plans, reserve forecasts, and long range financial strategies

• Manages the strategic financial modeling, annual target setting, and annual business planning process for City Agencies to assess financial implications and support complex business decisions

• Informs investment decisions by analyzing financial information to forecast City, industry, or economic conditions

• Prepares plans of action for investment, using financial analyses

• Recommends, develops, implements, and monitors financial and operational policies, guidelines, processes, procedures, internal controls, and performance measures

• Analyzes and evaluates the financial and business operations and transactions engaged in by many different departments/agencies

  Engages in all aspects of setting and refining strategy, major strategic analyses, and the operating budget for City Agencies

  Performs cost-benefit analyses to compare operating programs, review financial requests, or explore alternative financing methods

• Evaluates monthly financial and operational performance against plan, prior year, and forecast

• Drives functional enhancements to planning and forecasting processes and activities and implements best practices

• Analyzes and reviews prior year expenditures, grant balances, and fund sources and prepares detailed financial forecasts, cost projections, and recommendations based on actual results

• Prepares, provides, reviews, and responds to requests and inquiries regarding financial, expenditure, revenue/fund status, appropriation transfers, supplemental appropriations, and variance reports to management to enable financial and budgetary monitoring and control

• Prepares regular and ad-hoc financial and operational reports

• Consults with managers to ensure that budget adjustments are made in accordance with program changes

• Performs special projects and other duties as assigned

Minimum Qualifications

Education

For all Financial Analysts it is a requirement to have completed a bachelor’s degree from an accredited college or university, with major course of work in accounting, business, public administration, or a closely related field. Such education must include at least twenty-four (24) semester (36 terms) credits of coursework in accounting, finance, or economics.

In addition, Financial Analysts with a master’s degree, such as Master's in business administration , Master in Finance , Masters in Economics , and other appropriate and related courses of study meet the minimum experience required for Financial Analyst II.

Experience

In addition to the minimum education requirements, the following experience requirements also apply:

For entry into the Financial Analyst position, one (1) year of professional experience providing a systematic review, analysis, interpretation, and evaluation of budgets, loans or other financial data is preferred but not required . Financial Analyst must demonstrate proficiency with integrated word processing and spreadsheet functions.

For selection , appointment to a Financial Analyst level II or higher, in addition to the minimum education requirements, more progressive levels of experience are required based on the following:

• Financial Analyst IV – at least four (4) years of experience

  For Financial Analyst IV, the Financial Analyst must have two (2) years of verifiable experience leading teams and/or providing guidance and training to subordinate staff.

  Equivalency

  Equivalent combinations of education and experience that provide the required knowledge, skills, and abilities will be evaluated on an individual basis.

Supplemental Information

Evaluation Plan

• Interview: 70%

• Evaluation of Training, Experience & Personal Qualifications: 30%

• Total of Interview and Evaluation T.E.P: 100%

  Additional points may be awarded for:

• Veteran Points: 0 – 15 points

• Detroit Residency Credit: 15 points

LRD: 08/26/2024

EMPLOYMENT BENEFITS

The City of Detroit offers a competitive and comprehensive employee benefit package. We pride ourselves on the longevity of our employees. Part of the reason for the low turnover rate is the exceptional benefit package listed below. Benefits include, but are not limited to the following:

HEALTH

• Medical - Eligible for hospital, surgical, and prescription drug benefits.

• Dental

• Vision

INSURANCE

• Life Insurance - Optional group insurance available to employee and their family. The City pays 60% of premium for first $12,500 of employee life insurance. Employee may purchase, at own expense, life insurance for spouse and each dependent.

• Long-Term Disability Insurance (Income Protection Plan) - The City offers disability insurance through payroll deductions for persons who become disabled and who are not yet eligible for a service retirement.

PAID TIME OFF

• Sick Leave

• Vacation

• Holidays

OTHER LEAVE BENEFITS

The City also has the following paid and unpaid leaves; funeral leave, Family and Medical Leave, jury duty, military duty leave, unpaid personal leave,

RETIREMENT BENEFITS

City Employees Retirement System

As a regular City employee you automatically become a member of the General Retirement System. This entitles you to a retirement allowance after:

• Completion of thirty (30) years of service;

• At age sixty (60) if you have at least ten (10) years of service, or

• At age sixty-five (65) with eight (8) years of service.

• In the event of disability, other eligibility rules apply);

• An early, actuarially reduced, retirement is offered after you have attained at least twenty-five (25) years of service;

• Employees are vested after ten (10) years of service, regardless of age.

ADVANCEMENT OPPORTUNITIES - Employees have many opportunities for growth and career advancement throughout all City departments and divisions.

Have a successful career with the City of Detroit. Always remember that you are a part of a team with a common Vision of delivering excellent service to the citizens of the City of Detroit.

01

Please indicate your highest level of education completed

• High School Diploma/GED

• Associate's Degree

• Bachelor's Degree

• Master's Degree

• PhD/J.D.

• n/a

  02

  How many years of professional experience do you have in providing a systematic review, analysis, interpretation, and evaluation of budgets, loans or other financial data?

• None

• 1 Year

• 2 Years

• 3 Years

• 4 Years or more

  03

  How many years of verifiable experience do you have in leading teams and/or providing guidance and training to subordinate staff?

• None

• 1 Year

• 2 Years

• 3 Years or more

  Required Question

Agency

City of Detroit

Address

Coleman A. Young Municipal Center 2 Woodward Ave ste 316 Detroit, Michigan, 48226

Website

http://www.detroitmi.gov/Detroit-Opportunities/Find-A-Job

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