The people behind our work.

Principal

Ross Colona spent eight years at the Tennessee Comptroller of the Treasury, most recently as Assistant Director of Local Government Finance, working with local governments and utility systems across Tennessee on budgets, rates, audits and financial oversight.

He served as designated manager of the Tennessee Board of Utility Regulation from its creation in 2023. The board is the state body charged with the financial integrity of Tennessee's public water, wastewater, and natural gas systems: it reviews the finances of utility districts, approves or disapproves the creation of new districts, hears certain customer complaints, and sets the state's water-accountability requirements.

He started our practice to help organizations get the work behind a decision in order before anyone else looks at it.

He grew up in Morristown, in East Tennessee, and lives in Nashville. He cares a great deal about public finance done well. Outside work he cooks, and spends time with his dog.

Credentials

• Certified County Finance Officer (CCFO)
• Master of Public Administration, American University
• Master of Business Administration, University of Tennessee at Chattanooga
• University of Tennessee, Knoxville

Senior Rate Consultant

Buddy Petty is a retired professional engineer and senior rate consultant with more than 35 years of experience in the water and wastewater industry. He has joined Grand Division Advisors as part of the transition of RateStudies. Before establishing RateStudies, he worked for an engineering consulting firm providing water and wastewater planning, design, and consulting services to cities and utility districts.

Buddy established Rate Studies Inc., known as RateStudies, in 2013 to provide comprehensive rate analysis and financial planning for small and medium-sized cities and utility districts. He has worked with funding agencies to secure financing for capital improvements and directly with the Tennessee Comptroller of the Treasury on behalf of utilities addressing financial compliance issues.

Buddy earned both his B.S. and M.S. degrees from Tennessee Technological University. He is a published author and serves on the boards of two Christian ministries. Outside work and his community activities, he enjoys playing golf.

Senior Rate Consultant

Jack Elston is a retired CPA and senior rate consultant with seven years of experience conducting water and wastewater utility rate studies and cost-of-service analyses. During a 39-year career in public accounting, internal auditing, information technology auditing, systems analysis, and application development, he developed expertise in financial modeling, data analysis, and communicating complex information to decision-makers.

Since joining RateStudies in 2019, Jack has participated in numerous utility rate engagements and helped improve the firm's Excel-based analytical tools and reporting formats. He holds a Bachelor of Science degree in Systems Analysis from Miami University (Ohio) and has served in leadership roles involving AICPA information technology auditing standards.

Outside his professional career, Jack helped lead church volunteer teams that renovated vacant inner-city buildings for use as community outreach facilities and veteran housing. He later participated in a handicap-ramp ministry serving local residents.