Financial Analyst (Water Services)

The Role

Provides/supervises the provision of budgeting, accounting, and financial analysis services and support for clients and associated agencies (Water, Wastewater, Water Distribution, and Wastewater Collection, Waterloo Region Heritage Foundation (WRHF), Grand River Conservation Authority). Provides financial analysis and reports for senior staff, Council, and Committee. 
 

Duties/Responsibilities

• Supervises a Financial Assistant. Provides training to clients who use accounting and/or budgeting systems, and on related policies/procedures.
• Prepares base operating and capital budgets for client review/approval. Prepares initial budgets; reviews and makes changes per client/corporate/Federal and Provincial government decisions. Provides input into budget issue papers, including projecting financial impacts.  
• Analyzes, interprets, and communicates financial information, including developing forecasts, summaries, cost benefit analysis, fees and charges, and continuity schedules. Participates in planning, coordinating, and organizing the preparation and approval of the budget.
• Develops and administers capital financing plans for clients, including debentures, development charges, reserve funds, and other types of financing. Updates capital budgets based on Council approvals. Determines year-end carry forward budget amounts and financing requirements for capital projects. 
• Administers reserve and reserve funds to ensure adequate funds are available to finance capital projects. Develops long term strategies, scenarios, and projections to fund capital budgets. 
• Monitors actual expenditures and revenues monthly against approved budgets and implements financial control procedures. Works with clients for forecasting and planning purposes; identifies possible variances; investigates and develops strategies to mitigate variances; and reports to senior management and Council as appropriate. Ensures budget reports are available for clients, as requested. 
• Administers/oversees the administration of financial accounts for clients, ensuring accurate financial reporting. Undertakes required analysis.  
• Reviews and reconciles information to assist in the preparation of yearly financial statements, including trial balances, financial information returns, and financial statement notes. Records tangible capital asset accounting information in general ledger. 
  Prepares detailed financial analyses to determine the impact of program changes as a result of policy/legislative changes; and makes financial policy recommendations to senior management.  
• Provides financial information, analyses, recommendations, and advice to clients, senior management, and Council, through standing committee and procurement report development and  review, and as part of project teams with senior management, area municipalities, and other stakeholders (e.g., Province).  
• Participates in the periodic review of the Regional Development Charge by-law. 

Additional Duties/Responsibilities

• Prepares budget submissions and financial reports/claims to federal/provincial government for client programs receiving funding/subsidy, ensuring compliance with requirements. Reviews agreements to ensure compliance with terms/agreements. 
• Develops and administers rate setting models; and develops rate recommendations for Council. Administers wholesale water billing processes, ensuring monthly invoices are issued. Works with clients to ensure other revenues due to the Region are received. 
• Prepares yearly financial statements and Registered Charity Information Return for Waterloo Region Heritage Fund (WRHF). Provides financial management support (represents the Treasurer) at WRHF meetings.  
• Participates on special project teams, as required.
• Participates as a financial representative on the management negotiating team for collective agreements to analyze financial impacts of proposals. 
• Exchanges information with staff from area municipalities, federal/provincial government, and other municipalities. Responds to inquiries from external auditors. 
• Authorizes purchase orders, invoices, and cheque requisitions. Reviews expenditures over $10,000 for compliance before payment. Reviews and makes recommendations on system needs. 
• Backs up Manager as required.
• Performs related duties as required.

Knowledge, Skills, and Abilities

• Knowledge of budgeting, management control systems, planning and accounting principles normally acquired through a Bachelor's degree in Business, Economics, Mathematics, Commerce, or related discipline, plus progressively responsible experience in the application of principles and techniques relating to cost/benefit analysis, present values, statistical analysis, and forecasting. Must have a professional accounting designation (CPA).
• Knowledge of and ability to comply with policies, procedures, generally accepted accounting principles, related legislation (e.g., financial management, purchasing, municipal, development charges, public sector accounting board), and collective agreements.
  Analytical, problem solving, and continuous improvement skills to plan and develop objectives; conduct analyses; provide input into new guidelines and procedures for financial issues without precedent; make recommendations and decisions on financial issues; use initiative to resolve problems and achieve objectives; and resolve unusual or complex issues without precedent in consultation with senior management.
• Leadership, human relations, and communication skills to supervise, train, develop, motivate and support staff; communicate often complex and politically sensitive information to senior management and clients; obtain and promote cooperation with clients when exercising financial control over assigned budget areas; assist clients in adapting and changing with new legislation and regulations; conduct presentations and training to clients on financial systems; respond to questions/concerns regarding financial and budgetary concerns and special projects; and participate as an effective team member.
• Ability to read and interpret Council/Committee reports, legislation and guidelines, technical proposals, policies, by-laws, and legal/funding agreements. Ability to write letters and reports to management, Council, and external contacts regarding financial updates and budget information; and draft/provide input into by-laws and legal agreements as required.
• Computer skills with ability to use software such as Microsoft Office, and financial information systems. Ability to develop financial models.
• Must provide an acceptable Police Information Check (Level 2) for bondability.
• Ability to travel within (and occasionally outside) Waterloo Region. 
• Ability to support and demonstrate the Region’s values.