A CPA Who Paid the Price for Sandy

My background really comes in handy when I'm working with FEMA or the Army Corps of Engineers on a needs assessment.

Imagine being the director of revenue and finance for a metropolitan area that just took a massive hit from the "storm of the century," seeing nothing but devastation all around, and then having to figure a way to pay for both the cleanup and safeguards should another disaster strike. That's exactly where Michael P. Stinson, CPA, found himself in November 2012 after Superstorm Sandy ravaged the Northeast.

Because accounting "came easy" to Stinson, he majored in it at Drexel University. After graduating in 1984 with a B.S. in accounting from Drexel, Stinson worked for more than two decades in health care. But when Atlantic City was looking for a director of revenue and finance, he couldn't resist making the jump to governmental accounting. "I like this niche because it's something new every day," comments Stinson. "AC has an annual budget of $250 million, and it's dominated by one industry, gaming, which represents $130 million in property taxes to Atlantic City."

In his downtime, if you really need to find him, Stinson will most likely be at the beach because "it's just so peaceful there." But the Jersey Shore was not the place to be the last week of October 2012 as Superstorm Sandy walloped the tri-state area. "I remember in the immediate aftermath how quiet it was and all of the debris around," recalls Stinson. "We've been through storms and floods in South Jersey before, but nothing like this."

"I only had to replace my roof, so I was one of the lucky ones," says Stinson. "Many of my friends and neighbors weren't so lucky." Stinson, though, didn't have the luxury of just having to worry about himself. He had to figure out a way to pay for both municipal damages from the storm as well as projects to help mitigate damages from future storms. "These costs came to more than $100 million — just for Atlantic City," he exclaims. "This includes elevating roadways, beach replenishment, updating flood pumps and much more."

"Because of the magnitude of this disaster, we really need to create a plan for long-term financing. Some of it will be through borrowing, insurance and the government," Stinson comments.

Stinson credits his CPA background with being able to make contacts, articulate needs and obtain resources. So, what's the state of the city? "Some projects are moving forward quickly; others have a long way to go," says Stinson. "But I'll echo what Governor Christie says: ‘We're Jersey strong.'"