Monday, November 4, 2024 — Cleveland — Mayor Justin M. Bibb announced today that Paul C. Barrett, CFA, CIPM, will join the administration as the new, permanent Chief Financial Officer (CFO). Mr. Barrett will replace James Hartley, who has served the department as interim director since Ahmed Abonamah resigned in July 2024. The transition will occur on Mr. Barrett’s scheduled start date of Tuesday, November 12, 2024.
“We are thrilled to welcome Paul to the team and look forward to working with him to continue to innovate, put our assets to work, and invest in a more modern and responsive municipal government that improves the quality of life for Clevelanders,” said Mayor Bibb. “I also extend sincere gratitude to Jim Hartley for his outstanding interim management of the department, especially during the busy budgeting season.”
Mr. Barrett is a senior finance professional with nearly two decades of extensive experience in project management, investment strategy, pension administration, and intergovernmental affairs. Since 2015, he has worked in the finance department for the City of Jacksonville, Fla., most recently serving as the city’s treasurer.
Prior to becoming treasurer, Mr. Barrett managed the debt and investment portfolios for the City of Jacksonville, including more than $2 billion in outstanding municipal bonds. He was also responsible for overseeing the city’s new money issuances and restructuring of existing debt. Under his leadership, Jacksonville refinanced over $1.5 billion in outstanding bonds, resulting in a net paydown of $560 million and $294 million in debt service savings — which enabled the reappropriation of these funds to city projects like infrastructure improvements. He was also part of the senior leadership team responsible for pension reform, accelerated closure of the Better Jacksonville Program, implementation of various software systems, legal reviews, and union negotiations.
In addition, Mr. Barrett brings over 10 years of experience in client service, operations, research, securities trading, portfolio management, and budgeting from a variety of firms and agencies including Deutsche Bank, JPMorgan Chase, Morgan Stanley, and the Federal Aviation Administration. He holds a degree in electrical engineering from the University of Maryland – College Park, is a CFA charter holder and has a Certificate in Investment Performance Measurement (CIPM).
Working alongside Barrett, James Hartley will continue to serve the City of Cleveland as an Assistant Director of Finance, a position he has held since 2007.
