Chief Economist (Manager II), Grade M2

Please Note: The salary range above represents this position’s earning potential. The anticipated hiring range for this position will be $113,715 to $199,886, based on the candidate’s qualifications and experience.

WHO WE ARE

Montgomery County is one of Maryland's outstanding places to live and work. With the largest population in Maryland at over one million residents and located near the Nation’s capital, the County is one of the most affluent jurisdictions in Maryland and the nation. Montgomery County has a strong and diverse economy, with the 4th highest concentration of biotech in the U.S., corporate headquarters to industry leaders like Novavax, Marriott, Geico, and Lockheed Martin, and home to 32 federal facilities. Demographically, the County is approximately 42.9% white; 20.1% Hispanic or Latino; 20.1% Black or African American and 15.6% Asian. 91% of adult residents have at least a high school diploma while 57.8% hold a bachelor's or higher degree.

Montgomery County Department of Financeprograms include Controller operations (AP, AR, Timekeeping & Payroll, General & Grants Accounting); Fiscal Management (debt management, investing, cash management, economic development program administration, fiscal policy analysis and revenue and economic forecasting); Treasury (tax billing and collection, and cashiering); and Risk Management (self- and commercial insurance, claims administration, and safety). These programs, including department-wide experts in information technology, human resources, contracting and budgeting, are managed by a team of professionals with a depth of government experience, and with industry expertise developed while working for Fortune 500 companies, bond rating agencies, investment banking, insurance, public accounting, academic institutions, governmental entities and financial and systems consulting.

WHO WE ARE LOOKING FOR

Montgomery County Department of Finance is seeking an energetic and results-oriented Chief Economist (Manager II) to lead our economic analysis and tax revenue forecasting activities. The ideal candidate will possess exceptional technical, communication, and organizational skills, and the soft skills necessary to work effectively and successfully with others both internally and externally. Our managers demonstrate a high level of emotional intelligence evidenced by skills such as teamwork, problem-solving, adaptability, time management, critical thinking, and the ability to develop and maintain positive interpersonal relationships.

This position is responsible for developing the economic assumptions used to formulate tax revenue forecasts for the County’s major tax revenues and providing supporting data including forecasts for key economic indicators; leading the development of Montgomery County’s tax revenue forecasting activities for the recommended operating and capital budgets, the 6-year fiscal plan, and the annual December fiscal plan update; and, in collaboration with team members, refine methodologies and models used to generate tax revenue forecasts.

The Chief Economist (Manager II) also leads Finance’s activities with the Revenue Estimating Group that was created by Chapter 20 Section 84 of County Code, including monitoring economic indicators and tax revenues throughout the fiscal year, building consensus on economic assumptions for the operating budget, and authoring quarterly reports and publishing monthly economic reports. Additional responsibilities include conducting fiscal impact analyses for recommended or enacted State, County and federal legislation, presenting County tax revenue and economic information to both internal and external constituents, consulting with Executive branch staff on economic policies and programs, providing economic and tax revenue data for the Annual Comprehensive Financial Report (ACFR), Annual Information Statement, and Bond Rating Agency presentations.

As the Chief Economist (Manager II) the incumbent will:

• Develop economic assumptions for the County Executive’s annual recommended operating and capital budgets based upon independent research as well as third-party provided economic forecasts. Forecast key variables including property assessable base, employment, personal income, population, inflation and net taxable income. Utilize the economic assumptions in the tax revenue forecast for the recommended operating and capital budgets, the 6-year fiscal plan, and the annual December fiscal plan update. Coordinate with the Office of Management and Budget (OMB) on the operating and capital budgets and the 6-year fiscal plan, as well as with Finance’s Controller and Treasury divisions for financial reporting and tax data.
• Utilize the economic assumptions in the development of the tax revenue forecasts for the County’s major tax revenues, including property tax, income tax, fuel/energy tax, transfer and recordation taxes, and several excise tax revenue streams. Provide supporting data for key economic indicators that are used to produce the tax revenue forecast.
• Publish monthly economic reports highlighting key drivers of the County’s economy and tax revenue.
• Lead Finance’s work with the Revenue Estimating Group (REG) that was created per Chapter 20 Section 84 of County Code, including monitoring economic indicators and tax revenues throughout the fiscal year, recommending changes to economic assumptions as needed, authoring the quarterly required REG report to Council and the County Executive, and present to Executive and Legislative branch staff and elected officials, as requested.
• Conduct fiscal impact analyses for recommended or enacted State, County, and Federal legislation. Coordinate with OMB on Fiscal Impact Statements for County legislation or with the County’s Office of Intergovernmental Relations on State legislation.
• Consult with Executive branch staff on economic development programs and policies as well as refining models used by Finance to determine the economic impact of the County’s economic development incentive programs.
• Present economic and revenue briefings for budget discussions with Executive and Legislative branch staff and elected officials, union negotiations, and community/business groups, as directed.
• Provide economic data and tax revenue information to the Controller for the ACFR, OMB for budgets, and the Debt Management Unit for the Annual Information Statement and Bond Rating Agency presentations.
• Maintain regular communications with senior executive branch staff, elected officials, and department representatives.
• Represent Finance at County Council and committee meetings, County Executive meetings, and with external stakeholders, as appropriate. Articulate complex topics in an understandable manner tailored to the audience.
• Develop and maintain relationships with State, regional, and local peers to share economic information and ensure the highest level of understanding/collaboration regarding regional economic conditions.
• Maintain, and update as needed, policies and procedures for all Chief Economist activities.

Experience: Seven (7) years of progressively responsible professional experience as a leading economist or revenue forecaster for a municipal government with a large budget, three years of which were in a supervisory or executive capacity.

Note: The term “executive” is further defined as a high echelon or high level position in an organization that is assigned technical research, management advisory services responsibilities, or policy-making duties and responsibilities that exerts considerable influence on organizational policy, plans, and operations through technical research, management advisory services, and/or policy-making duties and responsibilities (e.g., County positions at Grade 30 or above).

Education: Graduation from an accredited college or university with a bachelor’s degree in Economics, Public Administration, Business Administration (with a major or concentration in Economics), Finance (with a concentration in Economics), or related field. Master’s degree or PhD in any of these fields is preferred.

Equivalency: An equivalent combination of education and experience may be substituted.

Preferred criteria screening questions will be used pertaining to:

• Experience as a Chief Economist developing revenue forecasts for a governmental entity.

Interview preference criteria will be used pertaining to:

• Leading the development of economic indicators and tax revenue forecasting activities for property tax, income tax, and excise taxes of a large governmental entity with a large annual operating budget and a multi-year capital improvement program.

• Leading a consensus revenue estimating group for a governmental entity.
• Developing or refining models to forecast tax revenues and analyze economic development programs.
• Publishing monthly economic reports highlighting key drivers of the economy and tax revenue for a governmental entity.
• Written and oral communication, including ability to convey highly technical or sensitive information in plain language to high-level executives, elected officials, and other stakeholders.
• Development of collaborative relationships within all levels of an organization and with State, regional, and local peers.