With over 40 years of senior financial management, mostly in the public service and not-for-profit sectors, David N. Smith is the most experienced Scottsdale City Councilman.
Transitioned the City of Scottsdale to a new voter-approved form of governance with the financial hallmarks of independence, transparency, integrity and sound financial policies. Guided the city through the recent recession, refinancing hundreds of millions of dollars of debt and retaining a coveted AAA credit rating. Collaborated with City Managers to develop a balanced operating budget without increasing taxes.
Joined an AMTRAK management team recruited to rationalize passenger rail service, reduce the public subsidy and install best practice financial and management information systems from the private sector. Supervised implementation of enterprise-wide reporting systems.
Recruited to Tennessee Valley Authority to prepare this federal entity for deregulation, particularly by restructuring debt. Refinanced $30 billion of debt, reducing interest expense by one-third. Initiated an Investment Challenge partnership with finance departments of 19 public universities. Testified on financial strategies before Congressional oversight committees. Strengthened regional economic development programs.
Developed financial strategies for the LTV Corporation reorganization after 1986 Chapter XI bankruptcy. Overwhelming pension liabilities finally resolved by the US Supreme Court in 1992 landmark decisions. Resolved claims of 86 issues of debt and six issues of preferred and common stock.
Purchased Scottsdale Airpark News as a local newsletter and grew the publication into a business-to-business monthly magazine serving the Airpark and north Scottsdale. Publication grew from 40 to 150 pages per month while circulation expanded to 30,000. Winner of Small Business of the Year Award for financial and community service.
EDUCATION & MEMBERSHIPS
M.B.A. Northwestern University, Kellogg School of Management: Finance
B.S. Northwestern University: Accounting Major
FEI, member of the Financial Executives Institute
Married, two daughters and six grandsons
Interests in genealogy and American history