No finance director, no problem: Guiding a city’s finance department through a time of transition

Problem

When the City of Sedona lost its finance director in early 2024, City Manager Anette Spickard knew time was of the essence.

Not only did the city’s finance department need to keep its reporting on track—it was also up against a deadline for preparing a bond sale for a critical infrastructure project. Knowing the highly specialized finance director position would take time to fill, Anette reached out to Abdo Financial Solutions President Jean McGann for help.

Solution

Jean and her team quickly stepped in as interim finance director. After assessing the situation, they came up with a list of recommendations for improving the city’s financial processes. They also assisted with recruiting and selecting a replacement finance director.

“The Abdo team was highly responsive and seamlessly worked with our finance team on-site. They quickly got us organized, identified where we needed help, and provided a lot of great leadership, training, mentorship, and coaching to our relatively green finance team,” Anette recalls. “I felt like we were in really good hands, and I didn’t have to worry.”

Implementation

The city’s bond issue was one of the first things Jean and her team addressed. They quickly worked with the city’s financial advisors, assessed options, and came up with creative financing structures designed to save the city money in the long run.

Anette says she was grateful for the team’s quick turnaround. “We were under a deadline with the city council to prepare material to present for their approval and also to go the bond market,” she explains. “The Abdo team’s prompt attention allowed us to frame our proposal for council without being stressed out at the last minute.”

To help the city secure a new finance director, Jean gave input to the recruitment brochure, the Abdo team members vetted applicants (using their expertise to evaluate applicants’ technical skills) and Jean assisted with the interview process.

Results

Anette credits the Abdo team’s creative financing structure for the successful outcome of the bond issue: The city was able to save roughly $6 million in interest.

Additionally, the city’s finance department now functions more efficiently. “We have better internal procedures, more efficient workflows, and were able to modernize our software and tools,” Anette says. “Everyone was well prepared for the external audit, which went smoothly.”

Anette reports the finance team’s staff members feel more confident in their abilities and understanding of accounting, allowing for a smooth transition to the next finance director. “And yes, thanks to Abdo’s assistance, we hired a fabulous one,” she says.