ATLANTIC CITY — Ed Sasdelli, the city’s state fiscal monitor, resigned Friday and will serve his last day June 30.
Sasdelli, who helped the city manage its finances for five years, told The Press of Atlantic City on Wednesday the new challenges in the state takeover bill require a monitor who can work more than part-time, something he can't do because he receives a public pension.
Sasdelli was previously township manager in Hamilton, Evesham and Franklin townships.
ATLANTIC CITY — Since the state first assigned fiscal monitors to the city in 2010, municipa…
Gov. Chris Christie signed a bill in May that gives the city 150 days to draft a five-year fiscal plan that includes a balanced budget in 2017. If the city fails to submit a plan of if the plan is deemed insufficient, the state can sell city assets, break union contracts and assume major decision-making powers from the city’s government for five years.
“I think that’s going to require much more than 18 hours a week from the state monitor,” Sasdelli said. “Because of my pension situation, I can’t give that amount of time.”
The city has $550 million in total debt and a budget deficit topping $100 million before state aid, according to the state.
Sasdelli said the monitor job was much different when he started in February 2011, as it was limited to helping the city with its budget and finances.
Sasdelli submitted his notice to the state Department of Community Affairs on Friday to give the department time to transition and find a replacement who can devote more hours to the job, he said.
A spokeswoman for the DCA confirmed receipt of Sasdelli’s resignation letter and said the Division of Local Government Services is working to develop a strategy to replace him.
“Mr. Sasdelli twice postponed his retirement to help the division navigate particularly difficult periods relative to the oversight of Atlantic City,” said Tammori Petty, the DCA’s communications director. “From the time the city was placed under limited supervision to the more recent period leading up to the passage of the Municipal Stabilization and Recovery Act, he has been a steady and constant resource to both the division and the City of Atlantic City.”
Sasdelli’s resignation comes as the city tries to close a $44 million budget gap as part of its five-year fiscal plan to avoid the takeover.
Mayor Don Guardian had wanted Sasdelli — as well as Local Government Services Director Tim Cunningham and the Department of Community Affairs Commissioner Charles Richman — to be on the city’s fiscal plan committee. But Guardian said he learned after Memorial Day that the state officials would not be allowed to be on the committee.
“I was told none of them would be permitted to join us because it would be a conflict of interest,” Guardian said.
Guardian said Sasdelli was a pleasure to work with.
“I’m personally very, very sorry to see him go,” Guardian said. “He has been instrumental in trying to help us move forward. He’ll definitely be a loss for us.”