The Holmdel Independent reported Tuesday that borough CFO Colleen Lapp has been hired by Middletown to replace departing CFO Nicola Trasente.
Wall Street debt-rating agency Moody’s has raised concerns about Red Bank’s $25.2 million worth of general-obligation bonds.
In a announcement posted on its website late last Friday, Moody’s affirmed its prior Aa3 rating on the debt, but revised its outlook to “negative,” citing a drop in the town’s current-fund balance to 2.14 percent of revenue in 2010, from 9.14 percent in 2007.
The agency indicated that a downgrade of the debt could follow if “recent fiscal strain” continues.
By DUSTIN RACIOPPI
Red Bank’s former chief financial officer and go-to guy to fill in for his outgoing successors will be relieved of his interim duties at the end of the month.
In speedy fashion, the borough has hired Spring Lake Heights’ financial chief to take over the post last held by Frank Mason, who left last month to become CFO in Montclair.