Seagull Classic, CFO Madness, Clerks – Friday’s Roundup

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Gulls
The Seagull Classic is this weekend. Who remembers those old ads on Channel 2 with Tom Williams doing the voice work? Mike McGarry at the Press has a cool story about Milt Wagner who put up 52 for Camden in the basketball tourney in 1980.

Clerks
A group of City of Atlantic City clerks is seeking a pay raise after the city hired three new clerks at a higher starting salary, Amanda Auble at the Press reports.

The new, highfalutin clerks get paid $25,535 per year. I don’t know what the old clerks get except it’s less than that so, for perspective, Bob Mulcahy gets $13,000-a-month for whatever he did before he joined the board of the CRDA, so you could hire six clerks out of his pension.

Overlords
Elsewhere in City of Atlantic governance, Nanette LoBiondo has a story on the new CFO, Toro Aboderin, who was hired from Ventnor to replace Michael Stinson, at the recommendation of Cynthia Lindsay of the state’s DCA (our benevolent overlords).

There were some interesting questions at the city council meeting from Mo Delgado and Jesse Kurtz about what it meant that Aboderin was being hired as CFO rather than as a Director of Revenue and Finance, and how she would be paid.

Mo in particular said something about the change from a “traditional municipal” format to a “corporate” framework where the city is being run “like a corporation.” If I’m not mistaken, this was the context for Marty Small’s comments that the state was exerting its full takeover powers, which caused so much hullaballoo on the Twitter yesterday.

Any con-law scholars out there who want to weigh in should hit us up via email or Twitter.

As a side note, we’ve been adding up the bond fees the city pays to lawyers and investment bankers every time it issues debt and this is actually an incredibly sexy-looking spreadsheet.

Somebody put out a paper a few years back saying the average issuance cost was about 1.02% of the bonds’ principal. I wonder what Atlantic City pays.

I don’t know what a CFO does but presumably she won’t be issuing new shares.

Ventnor CFO takes job in Atlantic City

 

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