July 18, 2024

donalds – hobby

World Finance Reviews

Newport’s longtime Finance Director, Interim City Manager set to retire

After over two decades of service, Laura L. Sitrin, the City of Newport’s longtime Finance Director and Interim City Manager, has announced her retirement.

According to a press release from the City of Newport, Sitrin informed the City Council of her intentions on Tuesday, July 9th, writing, “I am deeply honored to have had the opportunity to serve the City of Newport for the last 22 years and to work with such a dedicated and remarkable group of employees.”

The City of Newport shared the following in the release;

“First hired in 2002, Sitrin joined the administration as its Finance Director during a tumultuous time, with the City facing serious financial challenges highlighted by chronically underfunded pension liabilities and other post employment benefit obligations.

She leaves the City in much stronger financial shape. Today, Newport boasts one of the highest bond ratings in the state along with one of the lowest residential tax rates of any of Rhode Island’s 39 Cities and Towns.  

The architect of the City’s two-tier residential tax rate program, Sitrin had served for the past ten months as Interim City Manager following the departure of longtime City Manager Joseph J. Nicholson, Jr”.

Sitrin had applied to become City Manager permanently, was among the top candidates for the job, and was nominated to become the City Manager, but a majority of Council (4-3) voted instead to select Colin Kennedy as Newport’s next City Manager.

The City also shared the following;

“During the most recent budget cycle, Sitrin proposed sweeping changes to the City Administration, including a departmental reorganization centered around making the City more resilient to climate change; the development of a $98.5 million infrastructure bond that voters will consider in November; and crafting a residential tax rate that resulted in no increase to the average Newport homeowner’s tax bill despite rapidly rising property values.

Under her leadership, Newport has also routinely been recognized by the Government Finance Officers Association for its Annual Budget, Comprehensive Annual Financial Report, and Popular Annual Financial Report, and in 2022, was the only community in Rhode Island to receive the GFOA Triple Crown Award”. 

The City says that Sitrin’s last day is set for August 9, 2024.