Source: West New York CFO not taking new job in Paterson after all

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Outgoing West New York Chief Financial Officer (CFO) Margaret Cherone was appointed as the Paterson finance director – with a salary of $140,000 – on June 10, however, a West New York source says she will not be taking the job after controversy about her pay arose. 

Margaret Cherone

By John Heinis/Hudson County View

As The Record reported on Monday, at least one Paterson official, Council Finance Chairman Kenneth Morris, questioned the legitimacy of three retroactive pay increases, totaling $28,000, that Cherone signed on May 4.

According to the report, Paterson advertised the salary of their finance director position as $130,000 a year, but Cherone insisted it be raised since she was making $153,000 annually in West New York.

However, based on payroll records, Cherone earned a salary of $125,000 from July 2012 through April 2015. Additionally, Cherone served as the Paterson finance director between 2002 and 2004 during current Paterson Mayor Joey Torres’ first term in office.

The West New York source, who spoke under the condition of anonymity, said that between the salary dispute and the daily stresses of the urban city job, Cherone will be staying in West New York after all.

At the June 17 West New York Board of Commissioners meeting, where a $76 million budget with a 3.82 percent tax increase was introduced,  the governing body unanimously approved a resolution authorizing a CFO search committee.

As things stand today, it does not appear the committee will be necessary.

Town spokesman Pablo Fonseca and various Paterson officials did not immediately return calls seeking comment, while Cherone could not be reached for comment.