HOBOKEN - In the continuing effort to pull the city out of its financial quagmire, state monitor Judy Tripodi yesterday announced she is bringing in a new financial planner.
Nicola Trasente is a former administrator and CFO of Highland Park and a municipal auditor for New Jersey's Division of Local Government Services' Distressed Cities Team.
Trasente will serve as a full-time municipal employee. His hiring eliminates the need for the financial consultant services the firm Donohue, Gironda and Doria has been providing for the past three years. The company's most recent contract ended at the beginning of this year.
According to Tripodi, Trasente's hiring will help the city save money.
Trasente will make $125,000 yearly, significantly less than the $325,000 a year the city paid Donohue, Gironda and Doria, Tripodi said.
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My commentary: This was known in City Hall before the Council meeting on Wednesday 1/7/09. The announcement was made on Thursday and reported today. Does it make since to bring this function back in house? We will see. Some residents are clamoring for an open hire process but I say we are in an emergency and sometimes things need to happen quickly. The key will be how good this replacement is in getting to the bottom of the budget and City operations. ◦
