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HomeMy WebLinkAbout2026-07-13 Senior Invest Bank Officer request To: Arny Davis, Treasurer From: Rachel Lester, Interim HR Operations Manager Date: July 2, 2026 RE: Senior Investment and Banking Officer Classification and Compensation Analysis Purpose The Lewis County Treasurer has requested the establishment and classification of a new Senior Investment and Banking Officer (SIBO) position. The proposed position is intended to provide dedicated oversight of the County's investment portfolio, banking operations, cash management, and the Lewis County Investment Pool while reducing reliance on external investment services and enhancing investment performance through active portfolio management. Following Human Resources' initial review of Lewis County's established comparable market, it was determined that the County's traditional benchmark jurisdictions did not contain a sufficient number of comparable positions to establish an appropriate market value for this highly specialized classification. As a result, and at the direction of the County Manager, Human Resources expanded the market analysis beyond Lewis County's established comparable counties to evaluate specialized public-sector investment management positions throughout Washington State. This supplemental analysis was intended to identify positions performing substantially similar investment, banking, cash management, and portfolio management functions regardless of whether those jurisdictions are included within Lewis County's adopted comparable market. The purpose of this analysis is to evaluate the proposed classification using that expanded labor market, assess internal equity considerations, and provide a compensation recommendation consistent with the County's compensation philosophy. Methodology Lewis County's compensation philosophy is to target approximately the 55th percentile of the applicable labor market while maintaining internal equity among classifications. Human Resources first evaluated the proposed position using the County's established comparable market. That review determined that dedicated governmental investment management positions are uncommon within Lewis County's benchmark jurisdictions. In many counties, investment responsibilities are assigned to elected Treasurers, Chief Deputy Treasurers, Chief Accountants, or divided among multiple positions rather than assigned to a dedicated investment professional. Because the traditional comparable market did not provide sufficient data for a reliable salary determination, the County Manager directed Human Resources to expand the analysis to include Washington counties that maintain specialized investment management positions. The expanded analysis evaluated positions based on functional similarity rather than job title alone. Consideration was given to: • Investment portfolio management • Banking administration • Cash flow and liquidity management • Investment strategy development • Investment pool administration • Regulatory compliance • Financial reporting • Required education and experience • Organizational responsibility • Supervisory responsibilities Positions were not excluded solely because they included supervisory duties. Rather, supervisory responsibility was recognized as one factor affecting overall market value. Positions whose primary purpose remained investment management were considered appropriate labor market comparisons, while executive positions in which investment duties represented only one component of substantially broader administrative responsibilities were considered less comparable. Summary of Findings The expanded labor market analysis demonstrates that dedicated governmental investment professionals are significantly more common among larger Washington counties than initially identified through Lewis County's traditional comparable market. Most surveyed counties that actively manage local government investment pools employ dedicated investment professionals responsible for investment portfolio management, banking administration, liquidity management, investment policy implementation, cash forecasting, and regulatory compliance. Although many of these positions also supervise staff, their principal purpose remains substantially similar to the proposed Senior Investment and Banking Officer classification. The analysis further demonstrates that many counties continue to utilize external investment advisors in conjunction with internal investment professionals rather than as a replacement for qualified staff. This supports the Treasurer's operational justification that dedicated investment expertise and outside advisory services often serve complementary roles. External Market Summary County Investment Pool Dedicated Investment Position More Than One Employee Performing Investment Duties External Advisor Spokane Yes (SPIF) Senior Manager III Yes Yes Clark Yes Finance & Investment Manager Yes Unknown Pierce Appears Yes Banking & Investment Officer Unknown Unknown Snohomish Yes (SCIP) Investment Officer Yes (Investment Assistant provides support only) Yes (Reporting only; no investment advisory services) Kitsap Yes (KCIP) Investment & Banking Officer Unknown Unknown Thurston Yes Investment & Banking Officer Unknown Yes Whatcom Yes Senior Investment Officer (Proposed) Yes (1.5 FTE) No (Currently) Benton Appears Yes Chief Deputy Treasurer Likely Unknown Skagit Yes Chief Deputy Treasurer No Yes Analysis The expanded labor market analysis identified multiple Washington counties employing dedicated professionals responsible for managing public investment portfolios, banking relationships, liquidity, investment strategies, and cash management programs comparable to those proposed for Lewis County. While many of these positions include supervisory responsibilities, Human Resources determined that supervision alone should not exclude them from consideration. The primary purpose of these classifications remains the management of governmental investments and banking operations, making them the most appropriate labor market for evaluating this specialized position. Conversely, positions functioning primarily as Chief Deputy Treasurer or executive management positions were considered less comparable because investment management represents only one portion of significantly broader administrative responsibilities. The expanded analysis therefore provides a broader labor market than Lewis County's traditional benchmark market for evaluating this specialized classification. External Market Salary Comparison County Position Minimum Midpoint Maximum Relative Comparability Snohomish Investment Officer $11,187 $12,732 $14,277 High Kitsap Investment & Banking Officer $10,115 $11,528 $12,940 High County Position Minimum Midpoint Maximum Relative Comparability Spokane Senior Manager III $9,437 $10,703 $11,969 High Clark Finance & Investment Manager $9,090 $10,908 $12,726 High Skagit Chief Deputy Treasurer $8,339 $9,714 $11,089 Limited Benton Chief Deputy Treasurer $8,400 $9,499 $10,901 Limited Pierce Banking & Investment Officer $8,157 $9,307 $10,448 High Thurston Investment & Banking Officer $8,015 $9,279 $10,542 High Market Alignment Lewis County Grade Entry vs. Market Midpoint vs. Market Top Step vs. Market Grade 132 +0.9% -0.4% +3.0% Grade 133 +6.1% +4.8% +8.3% Internal Equity Analysis The requested classification presents unique internal equity considerations. At Grade 133, the Senior Investment and Banking Officer would be compensated at or above several existing County Director classifications responsible for managing departments, supervising employees, administering budgets, developing policy, and providing executive leadership. SENIOR INVESTMENT AND BANKING OFFICER JOB DESCRIPTION Page 1 of 3 Job Title: Senior Investment and Banking Officer Dept./Division: Treasurer’s Office Job Class Code: TBD Pay Grade: TBD PCN: TBD FLSA: Exempt Effective Date: TBD Representation Status: Non-represented Revision Date: June 2026 Reports To: Treasurer 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 the fundamental, crucial job duties performed by this position. This is not a comprehensive list of all tasks that may be assigned. Incumbent may be required to perform other duties as assigned and appropriate for the position. • 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: Senior Investment and Banking Officer Job Class Code: TBD 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 at the public counter; subject to sitting and standing for extended periods of time, bending, reaching, and lifting of objects up to 50 pounds. 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. QUALIFICATIONS: REQUIRED: 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 practices of institutional investors; and principles, practices and methods of making short-term and long-term investment decisions. Must be bondable and pass a thorough background investigation. COMPETENCIES (Knowledge, Skills, Abilities, and Behaviors): Knowledge of: • Current RCW and WAC mandates related to county treasurer investments. Job Title: Senior Investment and Banking Officer Job Class Code: TBD Page 3 of 3 • 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. Skills in: • Overseeing 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. Ability to: • Learn and follow County policies and procedures. • 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. Behaviors: • Regular, reliable attendance. As the incumbent in this position, I have received a copy of this position description. ________________________________________________ Employee’s Name _________________________________________________ Employee’s Signature Date