Avalon Bids Farewell to James Craft, Ann DeGennaro Named Chief Financial Officer for Avalon

The Avalon Borough Council has named Ann DeGennaro as Chief Financial Officer.  DeGennaro will replace James Craft, who retires after 26 years of service on May 31^st, 2024.  The appointment of DeGennaro to Chief Financial Officer was made during the May 22^nd meeting of Borough Council.

“Avalon is in extremely capable hands with Ann being our new Chief Financial Officer as she and Jim are responsible for the financial success enjoyed in the Borough”, said Avalon Mayor John McCorristin.  “Ann has serves us as an Assistant Comptroller for 22 years and is intimately familiar with the Borough’s financial management practices and policies.  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 began her employment in Avalon in 2001 when she was hired as a payroll clerk following a successful career as a municipal auditor.  She ascended to the position of Assistant Comptroller where she assisted in the preparation and administration of budgets for all funds, reviewed disbursements, performed analysis and auditing of accounts and vouchers, and maintained the general ledger.  DeGennaro earned her Municipal Finance Officer certification in 2011, and her Qualified Purchasing Agent Certification in 2023.  She is a 1999 graduate of Richard Stockton College.

Craft served as Chief Financial Officer for the Borough of Avalon since 1997.  Under his direction, the Borough of Avalon achieved the lowest municipal tax rate of any developed community in the State of New Jersey, earned and maintained an exemplary AAA bond rating from Standard and Poor’s, and eliminated all long-term general obligation debt.  The debt management plan in Avalon pays for capital projects in full cash when possible and most times includes a 20 percent downpayment on capital projects that require short-term financing; state law mandates a five percent downpayment.

Since 2015, Avalon has experienced only one small increase in the local purpose tax rate.  In every other year, including 2024, Avalon has either maintained the tax rate or reduced the tax rate.  Avalon annually receives independent financial audits that make no recommendations for improvement.