New Jersey Seeking Fiscal Monitor to Oversee Beleaguered Newark

New Jersey’s Local Finance Board is looking for a fiscal monitor to oversee the finances of Newark, the state’s largest municipality, which spread out a $30 million deficit over the next decade and took a state infusion of cash this year.

The outside monitor would have general oversight of the city’s finance department, including budgets and staffing, according to a posting on the state Department of Community Affairs website. The salary range is $85,000 to $130,000.

The department is “advertising for an employee and separately advertising for a firm to oversee the finance office in an effort to find an effective and cost-efficient manner to exercise supervision,” Tammori Petty, a spokeswoman for the department, said by e-mail. Only one will be hired, she said.

The fiscal monitor will report to a city monitor designated by the state.

The finance board last month approved Newark Mayor Ras Baraka’s budget for this calendar year. The director of the state’s local government-services division warned of a deficit of as much as $60 million in 2015. The city accepted greater oversight in exchange for $10 million in state transitional aid.

The board approved Baraka’s budget and ordered an extra $1.3 million in cuts, primarily to cover higher health insurance contributions.

Sakina Cole, a spokeswoman for Baraka, couldn’t immediately be reached by telephone and didn’t respond to an e-mail seeking comment.

Before it's here, it's on the Bloomberg Terminal.