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Town of Barnstable
Investor Relations
Debra Blanchette, Treasurer/Collector
About
Learn about Town of Barnstable, including Featured News, Key Projects, and The Team.
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- Population
- 44,000
- Bond Ratings
- AAA
- FY2020 Budget
- $210,786,982
About Town of Barnstable
Centrally located in the heart of the Cape Cod peninsula, the Town of Barnstable is the region’s ‘Hub’ for commerce, transportation, healthcare and education.
Home to the Cape’s airport, the Regional Transportation Center for bus and rail travel, plus two ferry terminals, Barnstable truly is the gateway to all of Cape Cod and the islands of Nantucket and Martha’s Vineyard.
Established in 1639, historic Barnstable is surrounded by the waters of Cape Cod Bay to the north and Nantucket Sound to the South, and is comprised of seven villages: Barnstable, Centerville, Cotuit, Hyannis, Marstons Mills, Osterville, and West Barnstable, each with unique cultural and historical qualities.
Barnstable offers a plethora of rich natural resources: host to 15 beaches, working and scenic harbors, conservation lands, biking/hiking trails, two municipal golf course, fishing and shellfishing, fresh water ponds and streams, historic properties and landmarks. For locals and visitors alike, wherever you turn you are surrounded by a quality of life unmatched by any other.
Barnstable has both the Cape’s largest year-round (45,000) and a summer seasonal population (150,000). It is also within close proximity to Boston, Massachusetts and Providence, Rhode Island (1 hour); Hartford, Connecticut (2 hours); New York (4 hours) and easy driving distance for the entire Northeast Corridor. Vehicle traffic over the bridges in the summer averages over 125,000 cars per day.
The village of Hyannis is the center of commercial activity not only for the Town of Barnstable but for the entire Cape region. The Cape’s only major enclosed mall is located in Hyannis along with a large number of national chain stores and restaurants. Alternatively, downtown Hyannis offers an ambiance well suited to unique locally-owned specialty shops, artist galleries, restaurants and bistros. Cape Cod Hospital is also located in Hyannis and Cape Cod Health Care is the largest employer in the town and region.
This ambiance is also found in the other village centers of Barnstable as well. While smaller in scale than Hyannis, they feature a quaint, historic, seaside charm that is prevalent in this area.
Featured News
March 10, 2021
Press Release
Barnstable, MA $12,695,000 General Obligation Bonds Net 1.33%; Refunding Saves $1,071,079
Debra Blanchette, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Wednesday, March 10, 2021, for a $12,695,000, 20-year general obligation bond issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 1.33%. The Town received a total of 10 bids on the Bonds. Bond proceeds will be used to finance various municipal projects and, together with available funds of the Town, refinance bonds of the Town originally issued June 15, 2010 and June 14, 2011. The refinancing will generate gross budgetary savings of $1,071,079 over the remaining life of the bonds refunded.
Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the Town’s ‘AAA’ bond rating, the highest rating attainable. The rating agency cited the Town’s very strong economy, very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity, strong debt and contingent liability profile, and strong institutional framework as positive credit factors.
The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.
February 11, 2021
Press Release
Barnstable, MA $2,745,000 General Obligation Bonds Net 1.20%
(BARNSTABLE, MA) Debra Blanchette, Town Treasurer, announced that the Town of Barnstable received competitive bids from bond underwriters on Tuesday, February 9, 2021, for a $2,745,000, 15-year taxable bond issue. Robert W. Baird & Co., Inc. was the winning bidder on the Bonds with an average interest rate of 1.20%. The Town received a total of five (5) bids on the Bonds. Bond proceeds will be used to finance private roadway improvements.
Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the Town’s ‘AAA’ bond rating, the highest rating attainable. The rating agency cited the Town’s very strong economy, very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity, strong debt and contingent liability profile, and strong institutional framework as positive credit factors.
The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.
November 4, 2020
News
Town of Barnstable’s Response to COVID-19
The Town was close to finalizing the development of the Fiscal Year 2021 budget when the public health emergency occurred. Due to this unprecedented event in modern times in was unclear as to the financial impacts to the Town’s revenue stream. Questions arose as to the proposed budget and whether or not it would still be a viable spending plan. This was not like the last Great Recession. There was no precedent to measure the impact on the town’s revenue stream and the costs associated with responding to the emergency were unknown. We would need to use our collective intuition, instinct and logical rationale to modify the proposed FY 2021 budget and manage the public health emergency. As a result, the Town implemented several steps to secure its immediate financial health. Adjustments to expenditures in Fiscal Year 2020 were made including a hiring freeze, the deferment of capital projects and a reduction in discretionary spending. The Town revised downward its proposed General Fund operating budget for Fiscal Year 2021 by $4.2 million. Additionally, the Town reduced it proposed Capital Plan for Fiscal Year 2021 form $39 million to about $12 million. Revenue enhancements were also employed including the implementation of contactless payments by moving multiple permits and licenses on-line. The Town is also closely monitoring its cashflow to ensure cash resources will be available to cover projected operating and capital expenses. As the Town moves to the recovery stage of the public health emergency several strategies are being explored to manage through the crisis including:
- Assessing the impact on the organization and service levels from eliminating funding for vacant positions
- Opportunities to stretch professional development funds
- Sharing personnel
- Reassessing equipment needs
- Scaling back non-essential services
- Re-examine maintenance and replacement standards
- Reducing paper costs
- Creating a remote workforce to reduce footprint - save energy and maintenance costs
- Eliminate low or no-value tasks
- Review software maintenance contracts
- Rethink subsidies/grants
- Reduce scope of capital investment
- Defer certain capital purchases
- Create more advantageous cash flow by delaying payments, monetizing assets and conducting short-term borrowing for vehicle & equipment replacement
Additionally, the Town has been the recipient of several grants from the Federal government to assist with the response to the emergency. A total of $22.9 million has been awarded to date. Most notably is an $18 million award for the Barnstable Municipal Airport which should ensure its financial stability for the next several years. An application will also be filed with FEMA to reimburse the Town for a portion of its costs associated with responding to this event. Questions regarding the Town’s response to the public health emergency can be directed to Mark Milne, Finance Director by emailing him at mark.milne@town.barnstable .ma.us.
Key Projects
2019-132 Pump Station Rehabilitation Program
The Rendezvous Lane Pump Station was constructed in 1975, and is past the end of its design life. The station operates using outdated technology, which uses compressed air to eject sewage from the pump station through a force main and into the receiving sewers on Route 6A. The pump station and its electrical components are located well below the 100-year flood zone elevation, and in recent years, the area surrounding the Rendezvous Lane Pump Station has become completely inundated with floodwater on several occasions. In January of 2017, seawater infiltrated the pump station creating major electrical and mechanical issues. WPCD staff worked through freezing temperatures for several weeks to restore the station to proper working order. It is only a matter of time before another similar flooding event occurs, as these flooding events have been occurring more frequently in recent years. In addition to these issues, the Rendezvous Lane Pump Station has no on-site backup generator and requires a portable generator to restore the station during power outages. Unfortunately, the station is impossible to access when the area is inundated with floodwaters. As part of the WPCD Pump Station rehabilitation program, this project has been fast tracked as a top priority due to the likelihood of failure (extremely high), and the consequence of failure (sewage backing up into homes or into Barnstable Harbor). The new station will be designed for maximum coastal resiliency, moving all vital components outside of the 100-year flood zone.
To be funded by $1,160,000 of the February 2020 Bonds - 3.37% of the 2020 Capital Budget
2019-109 Repair & Extend Mary Dunn Way from Steampship Authority Parking Area
This proposed two-phased project will provide an improved Airport Access Road on the East side of the airfield and will respond to a number of actions and objectives to meet target goals. Each phase will be handled as a separate project. Phase I (the subject of this project) will include the area from Mary Dunn Way at the current parking lot leased to the Steamship Authority to the current Gate Mike (M). This stretch of road has a mix of failing asphalt and drainage (a number of flooding events have made the road impassible) with potholes and narrow lanes. Phase II will provide an Airport Access Road on the East side of the airfield from the current Gate Mike (M). Phase I design and permitting is complete (with the exception of sanitary sewer) as it was subject to a previous capital project that was deferred. The existing surface of the Phase II project is an unimproved dirt road with millings from rubblization of past pavement projects used as a base. Phase I will include the installation of new pavement, security fence and drainage improvements. It will also incorporate existing utilities as well as an extension of those utilities including sanitary sewer to serve potential future hangar buildings as may be permitted.
To be funded by $1,000,000 of the February 2020 Bonds - 2.91% of the 2020 Capital Budget
2019-148 School Administration Building Mechanical Cooling
Phase II construction funding for School Administration Building system upgrades, including: • Mechanical/Headend upgrades at Lower Level, • Emergency generator, cooling plant, sprinkler and hot water system equipment replacement, • Renovation and expansion of the existing basement mechanical room and egress paths to accommodate a replacement emergency generator and replacement of the 30 ton cooling plant including the head-end upgrade of the sprinkler service, • Removal of the old concrete mounting pad, • Replacement of the existing electric hot water heater with a new gas fired hot water heater and thermostatic mixing valve, • Relocation of the gas service from the electric room into the mechanical room to resolve a major code violation, • Installation of new fire rated walls and ceilings throughout the basement level, including rated door improvements along the access ways. This is a public safety issue needing attention, • Limited first floor interior reorganization of space (HR), new finishes, ADA access rest room improvements and new lighting; and • Mechanical/electrical service distribution, replacement, and energy conservation improvements throughout including new electrical service, HVAC controls, ventilation, communications, plumbing and related HVAC improvements, and new elevator.
To be funded by $996,000 of the February 2020 Bonds - 2.90% of the 2020 Capital Budget
2019-124 Bumps River Bridge Repairs
Repairs to the bridge pilings, deck, rails, and other elements. Inspections by MassDOT and analyses performed by our consultant have identified necessary maintenance and safety repairs.
To be funded by $900,000 of the February 2020 Bonds - 2.62% of the 2020 Capital Budget
The Team
