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Tuesday, June 18, 2024

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Avalon Names New Chief Financial Officer

Avalon Council President Jamie McDermott, center, with retiring CFO James Craft and new CFO Ann DeGennaro.

By Vince Conti

AVALON – Ann DeGennaro has been named chief financial officer for the borough. DeGennaro replaces James Craft, who is retiring after serving the borough for 26 years in that role.

DeGennaro, appointed by the Borough Council during its May 22 meeting, served as assistant comptroller for Avalon for 22 years, working closely with Craft.

Mayor John McCorristin said, “As much as we will miss working with Jim, we enthusiastically welcome Ann to the top position in the Avalon Department of Revenue and Finance.”

DeGennaro, a 1999 graduate of Stockton University, began her career in Avalon in 2001 as a payroll clerk. She earned her municipal finance officer certification in 2011 and her qualified purchasing agent certification in 2023.

Craft first took the reins as the borough’s CFO in 1997. A borough press release said that during his tenure, “The borough achieved the lowest municipal tax rate of any developed community in the state.”

He leaves Avalon with an AAA bond rating from Standard and Poor’s. His time as CFO saw the borough eliminate all long-term general obligation debt.

Over much of Craft’s long service in Avalon he also was CFO of neighboring Stone Harbor through a shared service agreement between the two towns.

Contact the reporter, Vince Conti, at vconti@cmcherald.com.

Reporter

Vince Conti is a reporter for the Cape May County Herald.

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