money-half-columnAfter little more than two years, Red Bank is again in the market for a chief financial officer, according to a news report.

The Holmdel Independent reported Tuesday that borough CFO Colleen Lapp has been hired by Middletown to replace departing CFO Nicola Trasente.

Lapp’s hiring, approved by the township committee Monday and effective in early December, creates a vacancy in a pivotal job at borough hall. The CFO manages all the borough’s cash flows, and is integral in the budgeting process that determines the local property tax rate.

Lapp has been in the post since August, 2011. She had previously been CFO in Spring Lake Heights.

She succeeded Frank Mason, who held the job for five years.

When she was hired by Red Bank, Lapp’s salary was $93,000. Her starting salary in Middletown will be $135,000, the Independent reports.

From the Independent:

Trasente, Middletown’s CFO since March 2010, resigned in early October to take a job with Somerset County. His final salary was $142,858.