Principal Accountant

Overview

Under general direction of the Accounting & Finance Manager, the Principal Accountant leads day-to-day Citywide accounting operations and financial reporting. The role supervises professional and technical accounting staff (e.g., general ledger/financial reporting, accounts payable/receivable, payroll interface/reconciliation, fixed assets, grants, project/cost accounting); manages month-end and year-end close; coordinates external audit fieldwork; produces the Annual Comprehensive Financial Report (ACFR) and related regulatory reports;

ensures compliance with GAAP/GASB and internal controls; performs related duties as required.

The Principal Accountant is an advanced, professional classification responsible for the operations and production of City accounting and reporting and may provide direction to professional and technical accounting staff.

Supervision Received:
Works under the general supervision of the Accounting & Finance Manager.

Supervision Exercised:
Exercises technical direction to assigned professional and technical accounting staff; provides project leadership to cross-functional teams; may act for the Accounting & Finance Manager in his/her absence.

Essential duties may include, but are not limited to, the following:

• Manage the monthly, quarterly, and annual close calendar; prepare/review/approve complex closing entries; reconcile the general ledger and all subledgers (AP, AR, payroll, inventory, fixed assets, grants, projects); issue fund, cash, and variance reports; ensure accurate fund accounting.
• Perform advanced professional accounting and budgetary work in establishing, analyzing, auditing, reconciling, and maintaining financial records; monitor transactions for compliance with GAAP, GASB, and applicable regulations and internal controls.
• Lead audit preparation and fieldwork (annual financial audit, Single Audit, grant audits, Successor Agency audit); develop PBCs and timelines, coordinate schedules, ensure high-quality work papers and timely responses; track and clear findings; draft MD&A/notes as assigned; serve as the City’s lead auditor liaison.
• Produce the ACFR and statutory reports (e.g., State Controller’s Reports, Streets Report, Successor Agency ROPS); prepare monthly/quarterly operating statements and reconciliation schedules; implement new GASB pronouncements and related disclosures.
• Maintain City debt records; coordinate payments with fiscal agents; reconcile trustee statements; prepare continuing disclosure information; ensure covenants compliance; assist with complex financing projects and allocations.
• Oversee capitalization/depreciation, project/grant accounting, and cost allocations; review allowability, documentation, drawdowns, and reports; coordinate with Grants and Budget on compliance and reporting.
• Provide administrative and analytical support in planning, developing, reviewing, and implementing designated budgets and accounts; monitor budget performance; prepare revenue/expenditure projections; analyze program costs; assist with year-end estimates and forecast alignment; assist with the City’s annual budget.
• Administer the chart of accounts; perform GL setup/close; serve as ERP business owner for GL/projects/fixed assets/AP-AR interfaces; build and validate interfaces; establish and maintain automated records/files; design queries and reconciliation/closing/audit reports; partner with IT on upgrades, user access, and internal controls.
• Develop and maintain internal controls over financial reporting; document SOPs; conduct risk assessments; lead cross-training; implement workflow/process improvements; recommend policy updates to the Accounting & Finance Manager.
• Provide coaching, training, and technical direction; assign and review the work of professional and technical accounting staff; set service levels and quality standards.
• Provide consultation to departments on accounting and budgetary activities; respond to inquiries; resolve escalated reconciliation and transaction issues; provide technical assistance as needed.
• Communicate with City personnel, governmental agencies, auditors, fiscal agents,…