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News & Press Releases

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.

October 22, 2020

News
Town of Barnstable Free Cash Notification

The Town recently received notification from the State Department of Revenue of its Free Cash Certification. Free Cash is the State’s calculation of the amount of cash in the Town’s treasury that is free of all encumbrances at the end of the fiscal year. These funds are available for appropriation. They can be used for supplemental appropriations in the current fiscal year or for the Fiscal Year 2022 budget development. Following is the official notification from the state.

February 26, 2020

News
Town proposes a $39 million Capital Improvement Budget for Fiscal Year 2021

Town Manager Mark Ells has submitted his recommended Fiscal Year 2021 capital budget to the Town Council which includes 49 projects totaling $39 million. Funding for the plan includes using $5.9 million is reserves, $2.6 million in grants, $900,000 of remaining funds in completed projects and $29.8 million in new borrowing authorizations.

Public hearings on the capital plan will begin March 19th at 7 PM in the James H. Crocker, Jr. Hearing Room in Town Hall and continue on April 2nd, if necessary.

Major projects include Phase II of the Barnstable High School sports fields upgrades, extending Mary Dunn Way at the airport, rehabilitation of the solids handling building at the wastewater treatment plant, continuation of the channel dredging program, design and permitting of sewer extensions, and various public roads and public facility improvements.

February 6, 2020

News
Barnstable, MA $10,855,000 General Obligation Bonds Net 1.69%; $2,052,950 Taxable Bond Anticipation Notes Net 1.88%

Debra M. Blanchette, Town Treasurer, announced that the Town of Barnstable received competitive bids from bond and note underwriters on Wednesday, February 5, 2020, for a $10,855,000, 20-year bond issue and a $2,052,950, 1-year taxable note issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 1.69%. Piper Sandler & Co. was the winning bidder on the Notes with a net interest cost of 1.88%. The Town received a total of nine (9) bids on the Bonds and five (5) bids on the Notes.  Bond and Note proceeds will be used to finance various capital projects.

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 and Notes were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.

January 30, 2020

News
Cape Cod Five Opens New HQ in Hyannis

The Cape Cod 5 Leadership Team on Tuesday held a ribbon-cutting ceremony onsite at its new $45 million headquarters on Route 132 at Attucks Lane in Hyannis.

All of the bank’s operations staff members will be housed at the three-story, 80,000-square-foot HQ5, whose 11-acre campus also includes an adjacent Hyannis Route 132 Banking Center and the Cape’s first underground parking garage.

The new building will office approximately 300 bank employees who previously worked at four different administrative offices.

A statement released later on Tuesday relayed the bank’s deepest appreciation to the Cape Cod Commission, Town of Barnstable, Barnstable Police Department and Barnstable Fire Department for their help in making the new campus a reality.

July 19, 2019

News
Town of Barnstable Selected for the Opportunity Zone Program

The Town of Barnstable was selected for the Opportunity Zone Program created by the Tax Cut and Jobs Act of 2017. More information can be found here:  https://www.businessbarnstable.com/opportunity-zone

February 7, 2019

News
Barnstable, MA $10,540,000 General Obligation Bonds Net 2.52%; $2,052,950 Taxable Bond Anticipation Notes Net 3.05%

Debra Blanchette, Town Treasurer, announced that the Town received competitive bids from bond and note underwriters on Wednesday, February 6, 2019, for a $10,540,000, 20-year bond issue and a $2,052,950, 1-year taxable note issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 2.52%. Oppenheimer & Co., Inc. was the winning bidder on the Notes with a net interest cost of 3.05%. The Town received a total of 9 bids on the Bonds and 3 bids on the Notes. Bond and Note proceeds will be used to finance various capital projects.

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 and Notes were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.