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Lack of Candidates Leads to CFO Salary Bump

Montville Township's new chief financial officer will make $98,500 in 2012.

 

The Township Committee at its Tuesday meeting unanimously approved an ordinance setting the 2012 salary for the town's new chief financial officer at $98,500.

The salary is an approximately 16 percent increase from the top of a previous salary range set in 2010. The position never was filled at the range of $65,000 to $85,000.

Mayor Jim Sandham said after the meeting the town was unable attract candidates at the previous salary range and continued the more than a yearlong search with a higher salary range in mind. Katie Yanke was appointed CFO in November.

The town used a temporary director of finance with a part-time certified municipal finance officer to fulfill the duties of the vacant CFO position during that time.

The new salary is about $3,500 less than the salary of the previous CFO, Fran Vanderhoof, who retired and has been serving part-time as the town's certified municipal finance officer because she has necessary certifications.

When the previous CFO salary range was set in August 2010, along with lower salary ranges for some other vacant positions, Sandham said the lower ranges were part of an effort to curb spending. The township administrator at the time said the ranges were low compared to neighboring towns and a resident expressed concern with how that would affect turnover.

Related Topics: CFO

pat

6:42 am on Wednesday, December 14, 2011

A 16% increase....in this day and age...with 2% caps in place???

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Truscha Quatrone

12:27 pm on Wednesday, December 14, 2011

An almost 6 figure salary should only be granted if the individual is a CPA or a certified book keeper. Having a state license should not be the only requirement.

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Liz Kril

1:38 pm on Wednesday, December 14, 2011

I would have done it for 65,000 . These people just don't know how to budget themselves. Looks like they wanted this individual to get this position with the 16% increase. Sounds suspicious...

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