Duxbury Maintains AAA Bond Rating Amid Budget Challenges
Town officials discuss water restrictions, beach access, and upcoming special town meeting
DUXBURY - April 28 - Duxbury's AAA bond rating has been reaffirmed by Standard & Poor's, providing the town with favorable interest rates despite looming budget challenges for fiscal year 2027.
Finance Director Mary MacKinnon presented the bond rating report to the Selectboard at their April 28 meeting, highlighting the town's "longstanding budgetary practices as well as conservative fiscal management."
"Standard & Poor's bond rating agency did reaffirm our AAA bond rating, which is the highest rating that you can receive from Standard & Poor's," MacKinnon says. "They did that based on our longstanding budgetary practices as well as conservative fiscal management, reaffirming that the town is a very low risk in terms of defaulting on their bond obligations."
The board approved the sale of $13.5 million in bond anticipation notes with a net interest cost of 3.28 percent, significantly lower than the 5 percent coupon rate due to premium payments from the investor.
Selectboard Chair Brian Glennon emphasized the importance of maintaining the AAA rating, noting that a downgrade could increase interest rates by "half a percent to three-quarters of a percent" on future borrowing.
"This is important information for the things you were just discussing because as we go forward into the next year and we're going to continue to have budget discussions into the fiscal 27, these are things that everybody needs to keep in mind," Glennon says.
The board also discussed the upcoming special town meeting scheduled for June 16, with the primary purpose being to address MBTA Communities zoning requirements. The town has filed a complaint for a stay in Superior Court but must proceed with planning for the meeting while awaiting a ruling.
Town Manager René Read notes that in addition to the MBTA zoning article, the town is considering an Accessory Dwelling Unit (ADU) article, though details were not finalized at the meeting.
Selectboard member Amy MacNab expressed concern about the timing of the MBTA zoning vote.
"I'm concerned that during that interim, if this were to pass, in the time that it takes for the state to do whatever they're going to do, those parcels are given vested interest," MacNab says. "I think it's a dangerous situation."
Glennon clarified that unlike the previous town meeting vote on MBTA Communities zoning, the town now faces a mandate following a Supreme Judicial Court ruling.
"The Supreme Judicial Court in December said you have to comply," Glennon says. "So, we've gone back to the drawing board and made something as palatable as possible to allow us to comply as a matter of law, but minimize the likelihood of something actually being built in either of these two small districts."
The board also received updates on several ongoing projects:
Read announced that the Director of Assessing, Steve Dunn, has resigned to take a position in Stoughton, with his last day being May 9. The Human Resources and Finance departments are preparing to fill the vacancy.
The seawall project continues with the contractor having completed the cobble berm and dune restoration in March. Current work includes removing obstructions along the remainder of the seawall, with landscaping scheduled for the first week of May to restore areas behind the wall constructed last fall.
Mass DOT projects face mixed timelines, with the East Street bridge over Route 3 now projected for completion by November 16, 2025, later than anticipated due to water main installation challenges. The Route 3 bridge over Franklin Street remains on schedule for completion in May 2027.
Beach operations reported the first bird nests of the season, with four nests currently being monitored daily and approximately 20 pairs of birds at Duxbury Beach. Symbolic fencing has been installed along the entire stretch of the Oceanside Beach of the Upper Dune to protect nesting areas.
In other business:
* The board approved a new Common Victualer license for Hardly Saints Donuts at 282 St. George Street, a take-out establishment selling donuts and coffee.
* Recreation Director Steve Studley provided an update on beach escorting, noting that staffing limitations and other factors may impact the program's implementation.
* The town announced significant changes to outdoor watering restrictions, limiting odd-numbered houses to watering only on Thursdays and even-numbered houses only on Wednesdays, with no watering permitted on Sundays. Handheld hoses with automatic shutoff devices are allowed any day.
* The board declared a temporary bonus shellfish season for the commercial harvesting of soft-shell clams and quahogs for the month of May.
The MBTA Communities Working Group will host public forums at the Duxbury Free Library on April 29 from 6 to 8 p.m., May 28 from 6 to 8 p.m., and June 4 from 1 to 3 p.m. to provide information about the proposed zoning changes.