Management Manager

Ricky A. McCollum, CTP

Cell phone: 203-***-**** E-mail: *****.********@*****.***

PROFESSIONAL EXPERIENCE

Cedar Falls Utilities, Cedar Falls, IA

Director Finance and Organizational Services, 2013 – February 2015

Effectively lead the centralized accounting, finance, purchasing and facilities functions serving the electric, gas, water and communications utilities whose revenues totaled approximately $100 million per annum. Lead the annual budgeting process changing the orientation from net income to adequacy and appropriate cash reserves, and simplification of utility rate structures with revenue neutral impacts from usage based to fixed cost recovery for the electric, gas and water utilities.

Right sizing of the electric utility eliminating planned rate increases in the 2015 ten year plan totaling 9.1% in 2018 and 2022 to a 4% rate decrease in 2016, driven by planned reductions in personnel, refinancing of outstanding debt, reduction in capital improvement projects and appropriate reductions in cash reserves. Such right sizing plan improved competitiveness to 20 peer communities from the 11th position to the top 10% by 2016 and exceeding the original management target of 2018.

Proposed the creation of a Generation Acquisition Fund and Capital Replacement Fund for the electric and gas utilities, respectively, to partially fund the future replacement of utility infrastructure and minimize the impact on ratepayers. Both reserve funds and funding levels were approved by the Board of Trustees in 2015 and the reserves in the ten year plan total $21.5 million and $7.7 million for the electric and gas utilities, respectively.

Proposed in the 2015 Budget for the gas utility which was approved by the Board, base rate increases of 3.25% or less in the ten year plan, changing the focus from net income to cash reserve adequacy. Referred to as the marginally positive NOI and NI approach and achieved management’s plan to decrease the cash reserves.

Decreased the risk transfer annual insurance spend by 16% from year-end 2012 to year-end 2014.

Incorporated into 2015 Budget, Impact of GASB 68, Net Pension Liability, on Net Operating Income and Net Income estimated at $2.3 million in 2015 and budgeted not to increase cash reserves.

Successfully Incorporated into reforecasted 2014 budget, savings to rate payers of $1.6 million of WURSA under collection and eliminating $10 million bond issuance while funding capital spend in 2014 to 2017.

Enhanced security of banking systems, implemented positive pay service, web based credit card payment program and new procurement card services.

Eversource Energy (Formerly Northeast Utilities), Hartford, CT

Manager, Treasury Operations/Consultant, 2003 – 2012

Effectively managed daily cash operations of regulated and unregulated subsidiaries, including services company and NUSCO money pool facility, which operated as a cost efficient inter-company liquidity and investment vehicle. Managed cash to targeted cash positions, completed all cash accounting, inter-company borrowings and investments. Established process to fully reconcile payable, accounts receivable clearing accounts and ledger cash accounts, and calculation of interest income and expense of daily investments and borrowings. Appointed project leader to establish in less than 60 days banking systems and cash management processes, for a 6 month services agreement for divested competitive generating assets totaling $1.4 billion. Appointed FIT team leader of Treasury Operations to review, benchmark and establish best practices of the combined operations of Northeast Utilities and NStar companies.

Implemented new ASP Treasury workstation and revamped Treasury workstation for bank BAI reporting changes, bank systems and links. Significantly enhanced workstation accounting to reduce daily transaction review and reporting from over 4 hours to less than 30 minutes per day.

Designed and implemented highly automated Lotus Notes Debt Compliance system for compliance review and covenant reporting for first mortgage indentures, bond purchase agreements and bank credit facilities. System was paper-less, transparent and used for SEC disclosure and SOX compliance.

Proposed and implemented numerous cash management processes which reduced the monthly accounting close from7 to 3 days, exposures to fraud, bank service fees and exception items.

Frontier Communications Corporation (formerly Citizens Utilities Company), Stamford, CT, 1989 – 2002

Assistant Treasurer, 1999 – 2002

During an extended period of major divestures and an acquisition, managed risk management, insurance, casualty and property claims, safety and loss control programs. Amended bond documents financing utility properties for bonds to be assumed by purchaser of the properties. Facilitated the implementation of a treasury management workstation.

Initiated changes to the 2003 property and liability insurance programs for an annual savings of $1 million.

Renewed the Company’s 2002 risk insurance program 2% below budget in a period of extreme hardening.

Recommended and changed the casualty program from a 5 year loss-retro to a paid-loss deductible, realizing $210,000 of first year savings.

Directly participated in acquisition due diligence reviews and advised acquisition team on debt and risk management issues. In a 2001 acquisition, identified over $2 million of under reserved liabilities.

Arranged the issuance of the first tax-exempt financing of gas facilities by the State of Hawaii. Due to the planned sale of public service properties, incorporated an assumption provision into bond documents (assumption without bondholder consent). Provided the lower interest expense of such bonds, if assumed by purchaser, possessed an unrealized value of approximately $1.5 million. Structured this lower cost of capital financing to retroactively finance FMV purchase of synthetic gas refinery.

Analyzed disposition of IDRBs upon divestiture of public service properties, and obtained issuer approvals to modify bond documents for the assumption by the purchaser of six series of bonds totaling $95 million.

Manager, Corporate Finance, Treasury Department, 1993 – 1999

Arranged for the issuance and/or remarketing of $273 million of IDRB’s and executed $1.7 billion of taxable debt, common and preferred stock, and lease financing to partially fund the acquisition of telecommunications and utility properties totaling over $1.5 billion, fund capital expenditures and reduce interest expense. Planned and reviewed SEC registrations and regulatory approvals for issuance of securities. Reviewed alternative finance strategies, alignment of bank credit relationships, and monitored compliance of financing covenants.

Directly supported $254 million common stock offering (19 million shares), analyzing underwriting fees, achieving the lowest gross spread (for comparable offerings) in over a 5 year period, for a $2 million savings.

Managed over $1 billion of short-term borrowings which included taxable commercial paper 4(2) program and multi-modal tax-exempt borrowings. Activities included funding strategy, managed placement agents program and issuance/remarketing of paper, placement agent performance, administration and accounting of programs, and update of private placement offering memorandum.

Facilitated registration and issuance of common stock for subsidiary IPO and private placement of $325 million of senior notes to monetized value of this subsidiary and provide strategic permanent financing.

Arranged for bond and project approval, documented and executed 12 series of IDRB’s totaling $122 million.

Interacted with rating agencies on debt issuances, fees and services, and preparation of rating presentations.

During realignment of bank credit relationships negotiated trustee fee arrangement reducing annual fees by $30,000 and over $850,000 to bond maturities.

Supervisor, Cash Management/Senior Treasury Specialist, 1989 – 1993

Supervised daily borrowing and investments, managed cash service bank relationships, reviewed bank services to improve operating efficiencies and strengthen internal controls. Consolidated Treasury operations of acquisitions into centralized cash management environment.

Supervised two analysts performing daily cash concentration and disbursements, wire transfers, settlement of fixed income securities of multiple investment subsidiaries, short-term borrowing/investing, monthly accounting close, bank account administration and review of account analysis statements.

Automated processes and coordinated short-term investment cash flow strategy with projected capital requirements, improving rate-of-return on over $100 million of restricted trust funds.

Developed modeling to improve forecasting of investment and operating cash flows of parent and investment subsidiary with annual revenues and investment cash flows exceeding $1 billion annually, resulting in improved information reporting to senior management.

Directly assisted treasurer in arranging the issuance of $208 million of IDRB’s. Interacted with counsel, issuing representatives, investment banks, trustee and credit rating agencies.

Analyzed and completed reporting of debt to state regulatory agencies, issuing authorities, and FERC regulatory commission. Identified $7.4 million (over $60,000 per month) of deferred bond issuance costs, not previously included in rate-of-return calculation.

EDUCATION

Western Illinois University, Macomb, IL

MBA, with emphasis in Finance

Bachelors, Business Administration with emphasis in Finance and Marketing

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