Joe Ponisi Takes Vacant Seat on Township Committee

Joe Ponisi, a resident with a 25-year career analyzing the finances of municipalities, made his debut Thursday as the newest member of Holmdel's 5-member Township Committee.

Ponisi fills the seat vacated by former Deputy Mayor Serena DiMaso, who in turn recently won a seat vacated by Robert Clifton on the Board of Chosen Freeholders, who was elected to the state Assembly. Nine Holmdel Republicans applied for the job. After the field was narrowed to three on Thursday, Ponisi was selected by consensus by the four members on the Committee: Mayor Patrick Impreveduto, Deputy Mayor Eric Hinds (who was sworn in at the meeting), Larry Fink and Greg Buontempo.

"I stepped forward to become a Township Committee member after listening to all of the comments from the residents at the January 19 Township Committee meeting," said Ponisi in a written statement to Holmdel Patch following the meeting. "I feel that with my strong financial background, particularly in the area of government finance, I can help guide Holmdel through the current difficult financial times we currently find ourselves in."

Ponisi has worked for 25 years in municipal bonds, primarily with GE Capital.  His day-to-day responsibilities include analyzing the financial operations and credit worthiness of municipalities that would issue bonds for capital infrastructure projects. His job requires him to delve deeply into financial statements, understand the local economy, analyze the municipality's debt position, and summarize it all in a detailed credit report to present to senior management.

"I have a very unique set of skills, as I am one of probably 200 people in the United States that actually do what I do on a daily basis," said Ponisi. "It will be my ability to analyze Holmdel’s financial operations, but more so to work with my fellow Committee members, to lay out an effective plan to solve our financial problems. I also feel that helping to educate the public as to what the Township plans to do is an integral part of the process."

For the past three years, Ponisi has volunteered to help brainstorm solutions to township budget problems as a member of the citizen Financial Advisory Committee.

At the lengthy Feb. 2 standing-room only public meeting which focused on ideas for closing a $2.5 to $3 million budget hole, Ponisi was able to contribute answers to questions posed by citizens regarding refinancing debt and bond ratings.

Afterwards, he said he appreciated the experience of being on the other side of the dais and would do his best to help the town get through the fiscal crisis.

"I would like to thank Mayor Pat Impreveduto and the rest of the Committee members for selecting me to serve on the Township Committee and having the faith in me that I will do what is best for Holmdel in a financially prudent matter," he said.