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Committee approves Phoenix Advisors transition contract for new CFO; some members question length and redundancy
Summary
The committee approved a month‑to‑month consulting agreement with Phoenix Advisors to support Hillsborough’s incoming CFO, but several members questioned a not‑to‑exceed duration and whether the consultant’s role overlapped existing auditors and bond counsel.
The Hillsborough Township Committee approved a consulting agreement with Phoenix Advisors on May 13 to support the township’s incoming chief financial officer during a transition period, while several committee members asked for clarification about scope, duration and potential redundancy.
What the contract covers: Committee discussion centered on a not‑to‑exceed contract term the committee described as approximately six and a half months with a stated monthly rate of $2,000. Some members noted the arithmetic in the contract backup showed a difference between the monthly rate and the total figure in the written backup and asked staff to correct the apparent math discrepancy if needed. Township staff and finance committee members said the contract is month‑to‑month and is intended to provide mentorship and on‑call experience for the new CFO, not to mandate the full six‑month term.
Positions expressed: Some committee members questioned whether the consulting arrangement duplicated services already available from bond counsel, the township auditor and other advisors. Others, including the mayor and finance committee members, argued the mentorship is a modest and practical investment to set the new CFO up for success and cited prior, more expensive transitional arrangements as precedent. “I think Hillsborough Township residents are best served if we have one of the most well known financial people in township finances working here as a consultant,” the mayor said, urging support for the transition help.
Why it matters: The contract affects how the township handles an internal finance transition and how the new CFO will be onboarded. Committee members asked staff to monitor actual consultant usage and to terminate the engagement when the new CFO is comfortably operating without outside mentorship.
Ending: The committee approved the consultant contract with the understanding that the engagement is month‑to‑month up to the not‑to‑exceed cap, that staff will clarify any numerical discrepancies in backup documents and that the contract will end earlier if the new CFO no longer needs support.
