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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 munic...
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