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Resolution of the Mayor and Council of Princeton Appointing Phoenix Advisors to the Position of Temporary Chief Financial Officer and Director of the Department of Finance in Accordance with N.J.S.A. 40a:9-140.10b. and Authorizing the Award of a Professional Services Agreement to Phoenix Advisors to Serve as the Temporary Chief Financial Officer for an Amount Not to Exceed $180,000.00
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WHEREAS, N.J.S.A. 40A:9-140.10, et seq. requires every municipality in the State of New Jersey to have a chief financial officer to be appointed by the governing body; and
WHEREAS, the Municipality of Princeton’s current Chief Financial Officer is retiring as of July 31, 2026, and the Municipality is in the process of conducting a search to hire a new Chief Financial Officer, but will be unable to permanently fill said position as of August 1, 2026; and
WHEREAS, N.J.S.A. 40A:9-140.10b. provides that the requirement that every municipality shall have a chief financial officer may be temporarily fulfilled by the appointment of a private entity to perform the duties of a chief financial officer; and
WHEREAS, Phoenix Advisors, located at 2000 Waterview Drive, Suite 101, Hamilton, New Jersey 08691, has submitted a proposal to the Municipality to perform the duties of chief financial officer on a temporary basis for $15,000.00 per month, for a total amount not to exceed $180,000.00 and a term of one year; and
WHEREAS, Phoenix Advisors is a firm duly qualified and licensed under the laws of the State of New Jersey, including holding necessary certifications and credentials for designated personnel in order to provide municipal finance services to perform the duties of the chief financial officer on a temporary basis; and
WHEREAS, pursuant to N.J.S.A. 40A:9-140.10b., a municipality shall not make such appointment or reappointment unless approved by the Director of the Division of Local Government Services in the Department of Community Affairs on the basis that the municipality has made a good faith effort to hire an individual who holds a municipal finance officer certificate issued pursuant to the provisions of P.L.1971, c.413 (C.40A:9-140.1 et seq.); and
WHEREAS, the Director of the Division of Local Government Services in the Department of Community Affairs has approved the required application of the Municipality to appoint Phoenix Advisors to serve in the capacity as Chief Financial Officer on a temporary basis; and
WHEREAS, the Mayor and the Council of the Municipality of Princeton have determined that Phoenix Advisors satisfies the requirements necessary to hold the position and will do so on a temporary basis and perform the duties of the Chief Financial Officer; and
WHEREAS, Phoenix Advisors has agreed to serve and will be operating as the temporary Chief Financial Officer commencing at the time of the vacancy on August 1, 2026, through a time as needed to fill that vacancy on a permanent basis and as permitted by law; and;
WHEREAS, pursuant to N.J.S.A. 40A:11-5(1)(a)(i) of the Local Public Contracts Law, Princeton may award a contract for professional services without public advertising for bids; and
WHEREAS, this contract is not being awarded as a “fair and open” contract as defined in N.J.S.A. 19:44A-20.7; and
WHEREAS, pursuant to N.J.S.A. 19:44A-20.5., the Municipality of Princeton may award a non-fair and open contract to a business entity if, during the preceding one-year period, that business entity has not made a contribution that is reportable by the recipient under P.L. 1973, c.83, N.J.S.A. 19:44A-1 et seq. to any municipal committee of a political party in that municipality if a member of that political party is serving in an elective public office of that municipality when the contract is awarded or to any candidate committee of any person serving in an elective public office of that municipality when the contract is awarded; and
WHEREAS, Phoenix Advisors has completed and submitted the required pay-to-play forms which certify that Phoenix Advisors has not made any reportable contributions to a candidate committee in the Municipality of Princeton in the previous year, and that the contract will prohibit Phoenix Advisors from making any reportable contributions through the term of the contract; and
WHEREAS, the Chief Financial Officer has certified that funds for this contract are available in account number 01-201-20-111-283 and shall not exceed $180,000.00 for a term of up to one year.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and the Council of the Municipality of Princeton, County of Mercer, State of New Jersey, as follows:
1. The Mayor and Council, or their designee, hereby appoint Phoenix Advisors to the position of Temporary Chief Financial Officer for the Municipality of Princeton, to also serve as Director of the Department of Finance, commencing on August 1, 2026, and continuing as needed to fulfill the position for a term of up to one year.
2. The Mayor and Council, or their designee, are hereby authorized and directed to enter into a professional services agreement with Phoenix Advisors to serve as the Temporary Chief Financial Officer for an amount not to exceed $180,000.00 without competitive bidding as a Professional Service in accordance with N.J.S.A. 40A:11-5(1)(a)(i).
3. The term of this contract shall be twelve months.
4. A copy of this Resolution, Pay-to-Play Forms, and contract will be kept on file in the Office of the Clerk.