New budget director named

A day after former city budget director Stephen Agostini started his new job in Washington, D.C., Mayor Michael Nutter announced his replacement yesterday.

City Treasurer Rebecca Rhynhart will take over the budget-director role Nov. 1. Nutter said an external search wasn’t necessary since Rhynhart was “the only person I thought about,” pointing to her restructuring of $1.9 billion in variable-rate debt to save considerable interest costs and limit risk exposure. Rhynhart will be responsible for the city’s $3.9 billion operating budget.

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