Charlotte, N.C., promotes Hastedt to chief financial officer
Charlotte, North Carolina, promoted
Hastedt, city treasurer and deputy director of the finance department, will start the new role on September 1, said City Manager Marcus Jones.
The city has a history of maintaining very high credit ratings for itself and its associated credit entities, Hastedt told The Bond Buyer. “I will continue and enhance, as needed, the management practices, policies and engagement with credit rating agencies that has brought our city to this well-earned reputation of long-term financial planning and the resulting strong financial position.”
In his previous roles with the city, Hastedt said he “managed Charlotte’s over $5.8 billion outstanding debt portfolio and oversaw debt issuance across the city’s diverse credit entities.” He will remain actively engaged in all aspects of the city’s debt issuance.
Charlotte anticipates two general obligation bond sales before the end of 2025, Hastedt said. The city will sell $75 million in taxable affordable housing bonds in September and $200 million in tax-exempt transportation and neighborhood project bonds in October.
The September bonds will be sold on a competitive basis and the October bonds will be sold on a negotiated basis, with Wells Fargo as the lead underwriter and JP Morgan as co-senior manager, Hastedt said.
S&P cited the city’s economic growth, long-term planning, reserve and debt management policies as positives in its March 2024 report on the city’s debt, while the city’s fixed costs being 25% of the budget is a credit negative.
Teresa Smith, the city’s current CFO, is retiring Sept. 30.
