Princeton City Council members unanimously approved a joint director of finance position, and a municipal road agreement during meeting Monday night.

Tracy Musgove, Princeton Water and Wastewater director of finance, announced her retirement beginning Aug. 1. The upcoming departure prompted Mayor Kota Young to merge her duties with the city finance director position.

Current city finance director Stacy Boone will assume both duties beginning next fiscal year.

Young said combining the positions would save about $220,000 over the next three years.

“We’ve negotiated a contract that will save us (considerably),” the mayor said during Monday’s meeting.

Also at Monday’s meeting, council members discussed that the city will receive less in municipal road aid funds — about $115,000, down from the $130,000 anticipated — due to COVID-19 and the ensuing economic downturn.

Young called it “expected, although unfortunate.”

The council unanimously approved the revised resolution reflecting the road aid changes.