Category Archives: Chief Financial Officer

After A Year’s Search, Middletown Appoints CFO

After all that went on during last weeks Township Committee meeting, lost in the events of the evening was the rather low key and unceremonious announcement of the hiring of the Townships new CFO. It was so low key as a mater of fact, that even I didn’t think twice about making a big deal about it.

Nick Trasente, the former finance director of Hoboken, was sitting quietly at the table in front of the dias with Town Administrator Tony Mercantante, Township Engineer Ted Maloney and Clerk Heidi Brunt. A few people were wondering who the “new guy” was until it was revealed at the beginning by Mayor Scharfenberger that the new guy was indeed the new CFO.

Now maybe we can finally see that plan of Gerry’s, that he likes to tell everyone he has but doesn’t let anyone know about on how to close a $7 million budget shortfall before the end of the month when budgets have to be submitted to the State for review.

So far the only paper to pick-up on Nick Trabsente’s appointment as Middletown’s new CFO is the Two River Times, nice job on there part. Below is the article written by Ryan Fennell just incase you haven’t read it yet:

MIDDLETOWN – ON Monday night, nearly a year after Middletown’s former CFO Richard Wright took a leave of absence citing health concerns, the Township Committee formally appointed Nick Trasente as Middletown Township’s new Chief Financial Officer on Monday night.

Trasente left his position as finance director in Hoboken on March 9, a position he held since January 2009, to accept the Middletown CFO position.

Middletown Mayor Gerard Scharfenberger said that the process for finding a new CFO was extensive.

“We had a better response than the last time we were looking for a CFO,” Scharfenberger said.

According to Scharfenberger, the Township received responses from nine individuals, which was narrowed down to three.

After several interviews, Trasente was determined to be the most qualified candidate for the position.

“I thought he was everything we were looking for,” Scharfenberger said. “He’s got the credentials. He’s got great experience. He seems to be very enthusiastic about wanting to do what he’s going to be doing. Also, he seems t know how to keep the town from getting itself into a bind. He understands what we’re up against.”

And what the Township is up against is an approximate $5 million shortfall in the 2010 budget.

Scharfenberger said that he, along with several other area mayors, were briefed on Governor Chris Christie’s budget prior to the governor’s address last Tuesday and he was made aware of potentially significant cuts in state aid.

Scharfenberger said that township department heads have been instructed to cut their budgets as well as several other initiatives that the mayor plans to reveal during upcoming committee meetings.

“We’re looking for ways to cut and save without putting people’s lives or properties in jeopardy. That’s the bottom line,” said Scharfenberger. “Everything’s on the table.”

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Filed under budget planning, Chief Financial Officer, Middletown, Two River Times

Speaking Of Budgets, Middletown’s Is Done Through Osmosis

Back on Reorganization day in January, one of the many things that Gerry Scharfenberger addressed during is speech after being re-appointed as Mayor of Middeltown, was the upcoming budget process.
He told the crowd in attendance that the Township was facing a huge budget shortfall of nearly $7 million but not to worry because there was a plan on how to deal with it.
He state that even though …“no one here is a super expert on finances by profession but if you sorta do it by osmosis…”
Which I suppose means, that if you sit around long enough thinking about it, to let it sink in you become a expert in how to deal with a $7 million deficit without a Chief Financial Officer to help in the process! Unfortunately however the process of osomsis isn’t good enough now that budgets need to be submitted to Trenton by the end of the month.
Where’s a Finance Committee when you need it? Oh that’s right, Middeltown doesn’t need one because Gerry and the boys can handle the budget process on their own.

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Filed under Budget Shortfall, Chief Financial Officer, Finance Committee, Mayor Scharfenberger, Middeltown Township, osmosis