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HomeMy WebLinkAbout2026-06-22 Arny Davis - position request - Senior Investment and Banking Officer June 12, 2026 To: Lewis County Board of County Commissioners From: Arny Davis, Lewis County Treasurer Re: Request for Creation of a New Employment Classification – Senior Investment Officer The Lewis County Treasurer's Office respectfully requests the Board's consideration of a new employment classification titled Senior Investment Officer. While we were disappointed to learn that the previously proposed salary adjustment necessary to facilitate the return of Rodney Reynolds would not move forward, we appreciate the Board's concern regarding the precedent that such an action might establish. We understand that the primary concern was not the budgetary impact—which would have been approximately $7,000 annually to the County General Fund—but rather the implications of creating an exception to existing compensation practices. In an effort to address those concerns, we are proposing the creation of a new classification that more accurately reflects the specialized duties, expertise, and responsibilities required to manage the County's increasingly complex investment and banking operations. The attached job description outlines a position requiring a rare combination of qualifications, including: • Advanced knowledge of public funds investing and portfolio management • Expertise in banking operations and cash management • Proficiency with the Sympro investment management system and Tyler Munis financial software • The ability to reconcile and resolve complex accounting discrepancies between investment and financial reporting systems • Knowledge of statutory investment requirements and public fund compliance standards • The ability to support successful audits and reviews by state oversight agencies Based upon discussions with other county treasurers throughout Washington State, it is our understanding that individuals possessing this combination of skills are exceptionally difficult to recruit and retain. Many counties are currently struggling to find personnel with the technical expertise necessary to manage modern investment operations while simultaneously meeting increasingly demanding reporting and compliance requirements. The Treasurer's Office believes this position will provide value far exceeding its cost. Through effective portfolio management, prudent investment strategies, and accurate cash-flow forecasting, the individual serving in this role has the potential to generate investment earnings that substantially exceed the incremental cost associated with the position. Equally important, the position will help ensure accurate financial reporting, timely reconciliation of investment activity, and continued compliance with state requirements, thereby reducing the County's exposure to audit findings, reporting deficiencies, and operational risk. Since the creation of the Lewis County Investment Pool, the Treasurer's Office has demonstrated that professional investment management can generate substantial revenue for County operations and participating districts. The difference between average and exceptional investment management can result in earnings variations that far exceed the annual cost associated with this position. Viewed in that context, the requested investment in personnel should be considered a revenue-generating and risk-mitigating measure rather than an additional expense While this proposal is intended to establish a position rather than identify a specific individual, it is worth noting that Rodney Reynolds possesses the unique qualifications, experience, and institutional knowledge necessary to immediately perform these duties at a high level. His prior service to Lewis County demonstrated exceptional proficiency in investment management, banking operations, and financial system reconciliation. The Treasurer's Office is confident that his expertise would enable the County to realize immediate benefits through improved operational efficiency, enhanced investment performance, and strengthened financial controls. For a relatively modest additional cost to the County General Fund, this proposal provides an opportunity to strengthen the County's financial operations, protect public resources, improve compliance and reporting, and maximize returns on taxpayer funds. We respectfully request the Board's favorable consideration of this proposal and the creation of the Senior Investment Officer classification. Thank you for your consideration. Respectfully submitted, Arny Davis Lewis County Treasurer SENIOR INVESTMENT AND BANKING OFFICER JOB DESCRIPTION Page 1 of 3 Job Title: Senior Investment and Banking Officer Pay Grade: 133 FLSA: Exempt Job Code: Effective Date: Revision Date: NATURE OF WORK Under limited supervision, serves as the Senior Investment and Banking Officer (SIBO) of the Lewis County Treasurer. Plans, directs and oversees investment activity and cash management for the Treasurer’s investment operations. ESSENTIAL FUNCTIONS: The following duties ARE NOT intended to serve as a comprehensive list of all duties performed by all employees in this classification, only a representative summary of the primary duties and responsibilities. Incumbent(s) may not be required to perform all duties listed and may be required to perform additional, position-specific duties. • Prepares and presents revenue reports, investment reports, analysis and projections for the Board of County Commissioners and the County’s Finance Committee in open public session. • Manages the Lewis County Investment Pool (LCIP) on behalf of the County, schools and special purpose districts. • Prepares financial, and/or credit analysis of all public fund money market and fixed income instruments. Analyzes and interprets information necessary for the prudent investment of government funds. • Thoroughly evaluates specific money market conditions through direct contact with numerous brokers/dealers and financial institutions. Develops an exact investment strategy and negotiate with firms for the purchase, sale, or exchange of security at the highest possible yield consistent with safety and liquidity. • Has an advanced understanding of legally authorized investments and which types are best suited for Lewis County and all of the LCIP participants. • Keeps current on county investment best practices and strategies through networking with peers and attending training provided by the Government Investment Officers Association. Daily ensures proper liquidity to meet all County and district cash demands. • Develops and reports performance measurements of investment results. • Interprets, applies, and complies with Washington Statute and County investment policy and procedures on the investment of public funds. • Writes, negotiates and implements contracts for services for the main banking contract and safekeeping contract. Ensures applicable laws and regulations are adhered to. Drafts, reviews and evaluates requests for bids, proposals, or qualifications and monitors contract compliance. Job Title: Job Code: Page 2 of 3 • Oversees all banking activities to include supply ordering, wire/ACH requests, customer deposit process, NSF handling, opening/closing accounts, troubleshooting bank issues and monitoring bank analysis (fee). Implements process improvements in cash and banking to reduce costs. • Serves as the systems administrator for on-line banking software including security assignments for all users. • Researches customer service requests or complaints, and personally provides customer service for unusual, complex or difficult situations related to cash and banking issues or questions. • Represents the Treasurer’s Office to other County departments, elected officials, districts and outside agencies including but not limited to the State Auditor’s Office, banks, brokers/dealers, bond rating agencies, professional organizations, and community groups. • Attends and participates in professional group meetings. Stays abreast of new trends and innovations in the fields of investments, cash management and public finance. • Monitors cash flow management and makes recommendations consistent with economic trends and in accordance with County policy. • Performs other duties as assigned. WORKING ENVIRONMENT / PHYSICAL DEMANDS: Work is performed in a standard office environment and involves light physical demands and frequent use of personal computers. DISTINGUISHING CHARACTERISTICS: The position of Senior Investment and Banking Officer is distinguished by a high level of technical knowledge in the areas of finance, investments, accounting and automated systems. The SIBO essentially serves as the fund manager for the LCIP with the goal of safely maintaining upper quartile returns relative to peer counties. The SIBO does not contract out for advisory services but provides the County with a level of fund management, reporting, and returns comparable to other counties that pay extra for external investment advisors. This savings to the County is much greater than the difference in pay over the Investment and Banking Officer position. EMPLOYMENT STANDARDS: Bachelor’s degree in finance, business administration or other closely related field. Graduate level course work in accounting or systems and/or possession of a certificate as a Certified Public Accountant or Chartered Financial Analyst in the State of Washington is preferred. Ten years of progressively responsible experience in governmental finance, preferably in investment portfolio management, accounting or auditing, with at least two years of supervisory experience. Must have a working knowledge of the Federal Reserve and banking system; advance principles and practices of governmental accounting and budgeting, auditing and finance; investment and financial terminology; receipt and disbursement Job Title: Job Code: Page 3 of 3 practices of institutional investors; and principles, practices and methods of making short-term and long-term investment decisions. A valid Driver’s License is required. KNOWLEDGE AND SKILLS: Knowledge of: • County policies and procedures • Current RCW and WAC mandates related to county treasurer investments • Governmental investment officer best practices • Treasurer operations, policies, and procedures • Regulations governing activities conducted by the Treasurer’s Office • Governmental finance and investment principles • Generally Accepted Accounting Principles (GAAP) • Processes for preparing and administering budgets • Spreadsheets and standard computer software applications • Treasurer’s Office records, reports, and documentation • Automated financial and ERP systems and software • Supervisory principles, practices, and methods Skills in: • Must have the ability to analyze and interpret information for the prudent investment of public funds • Communicate effectively both orally and in writing • Interpret complex financial data and develop analytical reports • Prioritize work, organize tasks, set and meet deadlines as well as manage numerous projects simultaneously • Supervising the County’s investment, cash flow, debt, banking and regulatory reporting functions • Preparing, presenting, and maintaining a variety of financial reports • Interpreting and applying a variety of regulations, statutes, agency rules, and policies • Utilizing spreadsheets and demonstrating advanced word processing skills • Establishing and maintaining effective working relationships with staff, County officials and departments, districts, outside agencies, vendors, and taxpayers • Supervising, leading, and delegating tasks and authority Here’s a summary of my value-added qualifications: Building on my previous experience at the Washington State Investment Board, I have built a proven investment strategy that mirrors the best county investment programs. Many of these other counties, in addition to their salaried investment officer, rely on expensive external advisors which charge $60-90K and up per year for advising the size of Lewis County’s portfolio. That service is very basic and does not give the detailed daily monitoring that I provide. • In the fourteen months of managing the $1.3 billion Thurston County Investment Pool, I have increased yields 76 basis points while stabilizing the portfolio and improving weighted average maturity to 694 days from 415. • I’m serving on two investment policy certification review committees, Washington Public Treasurers Association (WPTA) and the national Government Investment Officers Association (GIOA). o GIOA has entrusted me to review the policy of a county that is larger than King County o WPTA had me review one of the top four largest Washington counties • Improved policy parameters for safely increasing yields • Implemented a new investment software platform for increased transparency and reporting capabilities