Barnstable County Upgraded to AA+ Bond Rating
Commissioners Approve Funds for Clean Water Center & Broadband Expansion
Barnstable, MA – September 4, 2024 – Barnstable County’s general obligation (GO) bond rating has been upgraded to AA+ by S&P Global Ratings. This significant achievement was highlighted at the Barnstable County Commissioners meeting held on August 28, 2024.
S& P cited several improvements in the county’s management that led to the boost in the County’s rating to AA+. These include adopting strong financial policies, best practices and procedures, above average reserves, low debt burden, manageable debt service costs and improvements in its overall financial performance. S&P also highlighted the administration’s two-year review and planning process of its unassigned fund balance which led to increased OPEB contributions, creation of a PFAS Stabilization Fund, and wise investments in the County’s capital needs.
“An upgrade to AA+ is an important endorsement of Barnstable County’s strong financial management policies and plans,” said Chairman Ronald Bergstrom. “We are dedicated to securing the County’s financial future while addressing long-term challenges such as retirement liabilities, capital needs, and PFAS remediation.”
Read the full report at www.capecod.gov/Barnstable_County_S&P_Ratings_2024
A Strong Year-End Closeout for Fiscal Year 2024
Finance Director Carol Coppola presented the County’s Fiscal Year 2024 year-end closeout report, highlighting effective management of a $92.1 million in cash and investments across 163 funds, including significant federal, state, and local grants. Actual revenues surpassed budgeted expectations, totaling $41.4 million, which resulted in a $6 million surplus. Expenditures were well-controlled, coming in under budget at $35.4 million. The General Fund Unreserved/Undesignated Fund Balance as of June 30, 2024, was $18,143,702, with an ending balance of $17,443,702. The closeout reflects the County’s strong financial management, with budgetary performance that aligns with the upgraded bond rating. View the presentation at www.capecod.gov/FY24_Year_End_Fiscal_Report
Broadband Needs Assessment: Latest Insights
Steve Tupper, Deputy Director, and Dave Talbot from CTC Technology & Energy presented an update on the Broadband Needs Assessment for Cape Cod. This assessment, funded by federal Fiscal Recovery Funds in collaboration with CTC Technology & Energy and Rural Innovation Strategies, Inc., sheds light on the challenges in expanding access to broadband on Cape Cod
Despite high advertised speeds, Cape Cod residents continue to experience poor service quality, high costs, and limited competition, especially during the peak summer months. The report highlights Comcast’s dominance, which serves 99.6% of addresses and contributes to some of the highest internet prices in Massachusetts. Furthermore, the scarcity of fiber service and the seasonal decline in service quality remain significant concerns.
The study also notes widespread consumer dissatisfaction and digital equity challenges that have affected older adults, immigrants, and low-income individuals. Key recommendations include expanding fiber infrastructure through various models, enhancing mobile service coverage, and forming a countywide coalition to improve digital equity. The report emphasizes the need for robust local advocacy and suggests pursuing additional state and federal funding opportunities, such as the Broadband Equity, Access, and Deployment (BEAD) program, to address these connectivity challenges and improve overall access and adoption. Download the full report and learn more at Broadband Internet and Cellular Data Network Assessment | Cape Cod Commission
During the discussion, Commissioner Mark Forest emphasized the importance of measures by the County and Cape Cod Commission to promote access and competition: “Barnstable County is committed to creating a more competitive marketplace that will reduce costs and increase access to all Cape residents.” Forest also applauded the Cape Cod Commission for positioning Cape Cod to compete and succeed in securing more federal and state funding for broadband infrastructure expansion and access.
Commissioners Approve $1.975M Grant for Clean Water Center at JBCC
The Commissioners approved a grant agreement between the Wastewater Division of the Department of Health & Environment and the Massachusetts Technology Collaborative (MTC). This $1,975,000 grant will support a two-year project to expand and enhance the Clean Water Center at the Massachusetts Alternative Septic System Technology Center (MASSTC). The project, spanning from June 30, 2024, to December 31, 2026, will include purchasing and installing new equipment.
The MTC is the Commonwealth’s lead economic development organization in a number of critical high technology areas such as life science, bio-tech and the emerging clean water industry. The MTC is supporting the County’s plans to expand the MASSTC so that it can play a key role in creating new technologies, companies and employment opportunities in the clean water industry sector of the region’s economy. James Byrnes, Director of Programs and Operations at the MTC was on hand to affirm their strong support of the project and to discuss the significant investment.
ABOUT BARNSTABLE COUNTY REGIONAL GOVERNMENT OF CAPE COD: Barnstable County provides exemplary government functions and services to keep our community healthy and safe, promote sustainable growth, and offer a proactive, open government that enhances the quality of life for the citizens of Barnstable County. Learn more at www.capecod.gov.
