The class incumbent directs the State's Office of Economic Forecasting and Tax Policy Analysis and is responsible for the development of sound, accurate estimates and analysis of the State's general fund revenues and disbursements for the current and subsequent fiscal years.
General Fund Revenue.
Managerial responsibility for the Office of Economic Forecasting and Tax Policy Analysis.
Nature and Scope
The class incumbent reports to the Secretary of Finance. Other positions reporting to this cabinet official are the Directors of Revenue, Accounting, and Lottery and the Deputy Secretary. The incumbent directs the work of staff who are responsible for providing the multifaceted analysis to provide sound, responsible financial strategic planning for the State. Work involves directing the development and application of complex computer simulation, based on state of the art technology, in order to study and forecast long and short term trends in both the national and state economies. This requires extensive knowledge of the possible economic variables and the potential immediate and long term impact on the State's general fund. The incumbent interacts with the Governor's staff, Chairpersons of the Joint Finance and other financial and economic development committees, DEFAC, and members of the legislature and in this capacity, the employee is relied upon to provide expert sound interpretation and policy direction on the State's general fund financial picture. A significant aspect of the work involves analyzing current and proposed state and federal tax policies and legislation and determining the impact on present tax laws and revenue collection. The incumbent is also responsible for the analysis of all pertinent state and federal legislation in order to determine the fiscal and organizational impact on existing or proposed state programs. The Director prepares or oversees staff legislatively directed financial and tax policy studies and monitors actual revenue collections. The incumbent is frequently required to develop and direct special financial studies, projects and forecasting for the Secretary of Finance, Governor and DEFAC. In addition, the incumbent participates in expenditure forecasting, and monitors cash flow, and advises the Secretary of Finance and OMB Director on year-end cash balances. The incumbent is expected to make recommendations for any corrective actions needed to maintain the State's financial status. The class incumbent participates in presentations to bond rating agencies, contributes to the development of the preliminary official statement and participates in due-diligence calls with bond underwriters and legal counsel.
Essential functions are fundamental, core functions common to all positions in the class series and are not intended to be an exhaustive list of all job duties for any one position in the class. Since class specifications are descriptive and not restrictive, incumbents can complete job duties of similar kind not specifically listed here.
Directs the in-depth research and analysis of the national and state economies and the determination of the resulting impact on state revenues.
Serves as the Department’s primary contact with DEFAC committee members.
Supervision is exercised over at least two or more merit full time positions per the merit rules. The elements of supervision include planning, assigning, reviewing, evaluating, coaching, training, recommending hire/fire and discipline.
Oversees the preparation of long-range forecasts, trend analysis and determination of the potential impact on state revenues.
Oversees the analysis and development of estimates of general fund revenues and expenditures for current and subsequent fiscal years.
Participates in expenditure forecasting for the State; monitors cash flow and advises the Secretary of Finance and OMB Director on year-end cash balances.
Directs the development and application of complex computer simulations models based on state of the art technology as applied to economic principles, econometric modeling and analysis of micro and macro-economic data and tax and revenue policy.
Participates in presentations to bond rating agencies, contributes to the development of the preliminary official statement and participates in due-diligence calls with underwriters and legal counsel.
Analyzes and interprets proposed state and federal tax policies and associated legislation to determine impact on present tax laws and current/projected revenues.
Oversees the analysis of state and federal legislation and the determination of fiscal and organizational impact on existing or proposed state programs.
Makes recommendations for changes in tax policy and drafts enabling legislation for submission to the Secretary of Finance, Governor and Chairpersons of the JFC and other financial and economic development oriented committees in the General Assembly.
Develops, oversees and may participate in special studies and projects as requested by the Secretary of Finance, General Assembly, or Governor.
Submits financial studies to Governor and Secretary of Finance and delivers forecasting reports to Delaware Economic and Financial Advisory Council.
Oversees and directs the monitoring of the expenditures of the State in comparison with general fund predictions and actual revenues; makes recommendations for any corrective action which may be needed.
Directs and provides quality control reviews and data analysis for the Division of Revenue.
Knowledge, Skills and Abilities
The intent of the listed knowledge, skills and abilities is to give a general indication of the core requirements for all positions in the class series; therefore, the KSA’s listed are not exhaustive or necessarily inclusive of the requirements of every position in the class.
Knowledge of economic principles and theories.
Knowledge of managerial principles and practices.
Knowledge of the principles, practices and techniques of governmental budgetary analysis and control.
Knowledge of federal and state tax and revenue laws.
Knowledge of public finance administration.
Knowledge of the principles and practices of supervision.
Skill in economic analysis.
Skill in econometric modeling.
Skill in legislative analysis and development.
Skill in communicating effectively with and providing economic and financial analyses and making persuasive presentations to diverse and independent groups, including executive and legislative officials, interest groups, or providing testimony before committees.
JOB REQUIREMENTS for Director, Economic Forecasting and Tax Policy Analysis Applicants must have education, training and/or experience demonstrating competence in each of the following areas:
Possession of a Masters degree or higher in Public Administration, Economics, Business Management, Accounting, Finance or Public Policy or related field.
Three years experience in public finance which includes analyzing government revenue and expenditures and their policy implications for the management of state debt, pensions, and other long-term obligations and investments, public trusts and investments, budgets and taxation; evaluating economic impact, making projections and recommending public policies.
Three years experience in tax policy analysis which includes the evaluation of individual personal, business and excise taxes as well as assessments of revenue portfolios in their entirety.
Three years experience in econometrics which includes the application of mathematical and statistical techniques to economics in the study of problems, the analysis of data, and the development and testing of theories and economic models.
Three years experience in computer modeling for analysis, simulation, and forecasting.
Three years experience in presenting economic and financial analyses to committees or groups; or providing testimony before committees.
Six months experience in staff supervision which includes planning, assigning, reviewing, and evaluating the work of others.