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W. Dean Martin is charged with a tough assignment: bringing fiscal respectability back to an agency that’s been plagued by accusations of financial mismanagement.

Martin, the new chief financial officer for the Alameda Corridor Transportation Authority, replaces former CFO Nancy Schafer.

Martin is now directly involved in one of the biggest transportation projects in the country, a 20-mile-long rail cargo expressway connecting the ports of Long Beach and Los Angeles to distribution centers in downtown L.A.

“It’s a tremendous benefit to the local economy, the Southern California economy, and the nation,” Martin said of the project. “To be a part of something with this kind of visibility is definitely exciting.”

Starting Oct. 4, Martin will be responsible for overall financial management of a joint-powers authority created in 1989 by the cities of Long Beach and Los Angeles to oversee the design and construction of the Alameda Corridor, which roughly parallels Alameda Street.

Schafer was fired after $3 million was transferred in February into a personal account, without authorization. Schafer blames the transfer on a computer error. The matter is now under investigation by the District Attorney’s Office.

Since Schafer’s dismissal on March 15, the agency’s budget manager has worked as interim controller while the agency held a nationwide search for a replacement chief financial officer and controller.

To address concerns about by possible mismanagement of the agency’s $2.4 billion budget, Martin says the authority plans to hire a separate controller and internal auditor. The authority’s board is also studying what oversight function, if any, L.A. Controller Rick Tuttle will provide. Tuttle has publicly called for a heavy overhaul of the agency’s financial controls.

Meanwhile, Martin is trying to keep up with the changes in his own life. “All of this happened last week I’m still trying to wind down my old job,” he said. With his home in Riverside, he hasn’t had much time to mull over whether he will relocate or commute to his new job in Carson by taking a two-and-a-half-hour Metrolink ride.

Martin, 42, is a certified public accountant and is currently the Riverside County Transportation Commission’s chief financial officer. He started out working as a branch administrator for Bank of America in 1976, and received his bachelor’s degree in business administration from Cal State San Bernardino.

Jolie Gorchov

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