BARNSTABLE – Barnstable County Commissioners have presented with a proposed financial plan to strengthen the county’s finances.
The plan includes recommendations for county investments in capital projects, PFAS cleanup costs, and the creation of reserve funds to ensure long-term financial stability.
It was created by an ad hoc finance team organized by the county administrator.
This team met regularly over the past six months to develop an overall financial plan to address Barnstable County’s most pressing needs.
The team’s recommendations took into consideration a number of important challenges facing the county, including an 18% decline in deeds excise tax revenues, a softening of the real estate market, and growing costs to renovate long-neglected county court facilities.
Other recommendations included long-term OPEB obligations, and the high cost of cleaning up groundwater contamination at the regional municipal fire training facility that had been used by local fire departments for many years.
“The county is facing some significant financial challenges. However, it is clear that, through the diligent efforts of our Ad Hoc Committee, we now have a plan that not only addresses these challenges but will also put the county in a very strong financial position for years to come. I want to thank the entire committee and especially our Assembly Speaker Patrick Princi and Yarmouth Assembly Delegate Susan Warner for their strong interest and contributions,” said Mark Forest, Chairman of the Board of County Commissioners.
The committee’s recommendations included establishing a revenue deficit contingency fund to deal with an unexpected revenue shortfall, and creating a sustainable source of funds to address the county’s post-employment benefits (OPEB).
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