65°F overcast clouds

RED BANK: CFO TAKE MIDDLETOWN JOB

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.

More →

MOODY’S GOES NEGATIVE ON RED BANK DEBT

just_in1By JOHN T. WARD

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.

More →

QUICKLY, RED BANK TAPS NEW CFO

By DUSTIN RACIOPPI

money-full-columnBruce Loversidge can go back to retirement. Again.

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.

More →