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Middletown Honors Outgoing CFO

CFO will work up to 10 hours per week as township searches for his replacement

Mayor Gerard Scharfenberger presented former CFO Nick Trasente with a proclamation last week.
Mayor Gerard Scharfenberger presented former CFO Nick Trasente with a proclamation last week.

Middletown officials thanked outgoing CFO Nicola "Nick" Trasente for his three years of service to the township as he transitions to a new position in Somerset County.

Mayor Gerard Scharfenberger offered a proclamation for Trasente, who came to Middletown in 2010, during a Township Committee meeting last week.

“We’re really very happy for him,” Scharfenberger said. “Our loss is their gain.”

The mayor said that Scharfenberger and his team prepared township budgets of more than $67 million and kept the Middletown’s tax rate stable despite a “tumultuous” economy and Superstorm Sandy.

In 2013, following Sandy’s devastation, the tax rate for municipal purposes rose .014, from .482 to .496. For the owner of a house assessed at $375,500, the township's 2013 average, the municipal portion of the property tax bill would increase by $52.57 to $1,862.48

“He’s done a great job for us. It’s a very complex task he has to try to get the finances in order and keep the town on the straight-and-narrow,” Scharfenberger said. “We really have a lot to be proud of in how that’s run.”

Middletown officials have said that the township suffered $14 million in damage from Sandy, which will be paid down over 5 years. After anticipated FEMA reimbursements, which are expected to cover 75 percent of the storm's total cost, Sandy's drag on the budget will be $500,000 each year.

While the administration searches for a replacement, Transente will serve as the Township’s Interim CFO on a part-time basis for up to 10 hours per week at a rate of $80 per hour through January 31, 2014, if needed.  

Trasente's base salary in Middletown was $139,372 in 2012, according to DataUniverse.

The mayor said last week during a Township Committee candidates forum that several prospective CFOs are under consideration and some would be invited back for a second round of interviews. 

“It was a good run while I was here,” said Transente, who also held positions in Hoboken City and Highland Park.

Transente called his time spent in Middletown “a pleasure” and said he made many friends in the township.

“I wanted to thank everybody for the opportunity and I’ll miss everybody here,” he said.

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