Robert Fitzgerald

Director of Finance (2009 - Present)

The mission of the Finance Department is to maintain accurate financial records and provide timely financial information that complies with laws and regulations pertaining to accounting, procurement, and finance. The finance mission is also to optimize the resources and assets of the Atlantic City Housing Authority.

The Finance Department's vision is to upgrade hardware and install new PHA software that streamlines month, quarter, and year-end report processing. Staff cross-training in general ledger and resident accounting will be accomplished. All records will be stored and retrieved electronically. A cash management system ensuring maximum returns on excess cash will be in place. An interchangeable departmental policies and procedures manual will be written.

President & General Manager (1990 to 2008)

Provide total operational leadership for company. Devise strategies to elevate company financial strength, improve revenue growth and control costs. Craft rate relief petitions and deliver testimony to the New Jersey Board of Public Utilities while coordinating data and testimony of outside consultants. Direct computerization processes for all accounting, administration and utility billing systems, optimizing service for 7.3K+ customers. Personally negotiate collective bargaining agreements with unions, creating best possible outcome for company and personnel. Supply safe, adequate and proper utility service at reasonable rates for customers and visitors to the Atlantic City area. Ensure compliance with all local, state and federal regulations. Guarantee company infrastructure needs driven by casino development are met through expert financial management.

Operational Improvements:

• Prepared and filed testimony with the New Jersey Board of Public Utilities in 17 rate cases, 3 debt offerings and 3 land sales.
• Reduced costs and enhanced system reliability by supervising maintenance of sanitary sewer system and implementing updated preventative procedures.
• Impacted operations by designing company strategic business plan, rate case filings and debt offerings structure.

Revenue & Cash Flow Improvements:

• Produced $11.5M in new cash flow by personally negotiating sale of 2 parcels of land.
• Generated rate base increase of 1,090%, from $2M to $22.1M, and increased operating income by 422%.
• Skyrocketed net revenues by 240%, expanded capital assets by 337% and improved equity by 403%.

• Negotiated $27.5M land sale to a commercial real estate developer

Dividend & Equity Improvements:

• Achieved company S&P rating of A+ by arranging private placement of $17M in tax-free bonds and refinancing $1.5M in high coupon bonds.

• Raised dividend payout to shareholders from 31% to 76% and paid $21M+ in dividends to parent company from 1988 to 2007.

• Improved equity from $3.3M to $13.3M+ to create capital structure of 60% equity and 40% debt.
• Lowered long term debt costs to just 5.02% through skilled financial management.

Vice President of Finance (1985 to 1990)

Spearheaded modernization of company equipment and office procedures to improve cost control/monitoring while generating fresh revenue. Evaluated and identified updated computer hardware and software, specifically Great Plains and Microsoft Office, to best meet business requirements. Initiated improved customer service procedures. Managed company true value analysis to properly evaluate acquisition offers. 

Specific Accomplishments:

• Delivered expert evaluation of 3 separate takeover attempts, determining true value and business potential.
• Significantly increased collection rates on accounts receivable and maximized customer service by developing in-house computer system.
• Implemented original mortgage indenture to guarantee low cost supplemental borrowings.

General Office Manager (1984 to 1985)