BRADENTON, Fla. - Central Florida's Orlando-Orange County Expressway Authority will search for a new chief financial officer following the resignation of Nita Crowder.
Crowder, who has been the agency's CFO since 2006 and comptroller from 2000 to 2006, quietly resigned June 11. She did not give a reason for turning in her notice, or indicate if she has future plans.
"It was a mutual decision between her and Max Crumit, our executive director," OOCEA spokeswoman Michelle Maikisch said. "Nita will be staying on in a consulting capacity during the transition process."
The agency will search for a new CFO. The position has not yet been posted, Maikisch said Monday. Crowder will be a consultant for the next three months.
For the time being, Deputy Executive Director Laura Kelly will oversee the finance department along with current managers and the agency's financial advisor, Public Financial Management.
"The authority is in great shape financially, particularly after the restructurings we accomplished last year saving the authority over $30 million [in net present value savings] while significantly lowering its risk profile," Crowder said in a statement, referring to transactions last year designed to restructure $1.2 billion of variable-rate debt and terminate associated derivatives. The board overseeing the authority has set a goal of restructuring all or most of its synthetically fixed variable-rate debt, and developing a conservative portfolio. Much of the VR debt was sold before Crowder became CFO.
"I'm extremely proud of the work I've done at OOCEA, and will be continuing to work with the authority through the transition period to make it as smooth as possible," Crowder said.
Her resume says that she is seeking "a position that challenges my skills in finance and strategic planning in an organization committed to community service and economic development."
In April, Fitch Ratings and Standard & Poor's affirmed their A ratings on OOCEA's outstanding revenue bonds. S&P said the agency has a five-year, $706 million capital improvement program and anticipates its next bond issuance in 2014.
Moody's Investors Service assigns A2 rating to the authority's bonds.