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OAL Chief Fiscal Officer
The Office of Arkansas Lottery (OAL) Chief Fiscal Officer is responsible for overseeing the financial management and operations of the Arkansas Scholarship Lottery. This leadership position ensures the integrity, accuracy, and transparency of all financial practices, including budgeting, financial reporting, accounting, and auditing. The OAL CFO will work closely with the executive leadership team and other stakeholders to ensure the financial sustainability of the Lottery and to support its mission of generating funds for state scholarships.
Class Code:
LLO04P
Job Grade:
SPC09
Special Job Requirements:
Typical Functions:
Oversee the development, implementation, and management of the Arkansas Lottery’s financial policies and procedures. Supervise financial accounting functions, including revenue recognition, financial reporting, and general ledger maintenance. Ensure that the Arkansas Lottery complies with all applicable federal, state, and regulatory financial requirements. Manage the preparation of financial statements and reports in accordance with generally accepted accounting principles (GAAP) and state regulations. Monitor and analyze the financial performance of the Lottery, including revenue trends, expenditures, and cash flow, and provide strategic guidance to leadership. Lead the development of the Arkansas Lottery’s annual budget, ensuring alignment with organizational goals and priorities. Monitor budget execution throughout the year and make recommendations for adjustments as needed to meet financial goals. Identify and assess financial risks, including operational, legal, and market risks, and work with senior leadership to mitigate those risks. Oversee the management of Lottery revenues, ensuring proper accounting and allocation of funds in accordance with state laws and regulations. Oversee all Federal and State tax withholding and reporting to assure compliance with all filings requirements, rules and regulations. Oversee OAL procurement processes to assure that all requirements of State Procurement Law are complied with. Oversee the preparation of the Annual Comprehensive Financial Report (ACFR). Direct a professional staff by interviewing, hiring, terminating, evaluating employee performance and reviewing/approving final work products and activities. Supervise and lead the finance team, cultivate a constructive work environment for team to deliver an exceptional work product and increase efficiency and effectiveness. Manage internal personnel procedures and policies. Collaborate with other division directors to support the Executive Director in leading the Arkansas Scholarship Lottery toward its mission.
Knowledge, Abilities, and Skills:
Ability to analyze complex financial data and make strategic recommendations to improve financial performance. Skilled in financial forecasting, budgeting, and long-term financial planning. Ability to anticipate and respond to financial challenges and changing regulatory environments. Excellent written and verbal communication skills, with the ability to communicate complex financial information clearly and effectively to both financial and non-financial stakeholders. Strong critical thinking and problem-solving skills, with the ability to make informed decisions in a fast-paced, high-stakes environment. Ability to handle complex financial challenges and provide clear, actionable solutions. Exceptional attention to detail and accuracy in financial reporting, budgeting, and accounting.
Minimum Qualifications:
A Bachelor’s degree in Accounting, Finance, Business Administration, or a related field, plus seven (7) years of experience in financial management, accounting, and budgeting or a related field are required. Seven years of progressively more responsible work experience in accounting or budgeting, including three years in a managerial capacity. Other job-related education and/or experience may be substituted. Satisfaction of the minimum qualifications, including years of experience and service, does not entitle employees to automatic progression within the job series. Promotion to the next classification level is at the discretion of the department and the Office of Personnel Management, taking into consideration the employee’s demonstrated skills, competencies, performance, workload responsibilities, and organizational needs.
Required Certificates:
N/A OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.
Exempt:
E