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Pittsfield Sells $28M Bond, Rates High For Bond Credit

By Brittany PolitoiBerkshires Staff
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PITTSFIELD, Mass. — The city of Pittsfield sold a large bond for financial health and scored the highest possible rating by a municipal bond credit rating agency.

Last week, the city sold a $28,420,000 bond. The transaction includes refinancing of $10 million of older bonds that will provide gross budget savings of $1,049,382 for the city over 10 years and support various municipal projects.

Projects in the borrowing include the Tyler Street Streetscape Design for $200,000, Clapp Park improvements for $355,000, Springside House exterior renovation for $400,000, and the Tyler Street and Woodlawn Avenue intersection design at $185,000.  

In a press release, Finance Director and Treasurer Matthew Kerwood said taking advantage of these refinancing opportunities are key components in controlling the city's debt. Bond proceeds will refinance city bonds originally issued March 1, 2008, Oct. 1, 2010, and Jan. 15, 2011.

This type of refinancing is a common occurrence and supports the city's debt management strategy.  The bids for the bonds and notes were accepted in Boston at the offices of the city’s Financial Advisor.

Kerwood explained that the city also issued $7 million in bond anticipation notes along the way in separate transactions that are a part of the larger bond. These are short term, interest-bearing security issues in advance of a larger, future bond issue.


"We do this as a regular thing, sell bonds and bond anticipation notes in a cycle doing an issuance in February and then an issuance in June," Kerwood said. "When we do bond anticipation notes, those are like short-term loans, and then when those loans mature we either roll them or we ultimately then take out a long-term loan which again is through the sale of a bond."

In addition, the city is scoring high in bond credit ratings.  

Municipal bond credit rating agency S&P Global Ratings cited the city's "strong budgetary flexibility, very strong liquidity, and strong institutional framework" as positive credit factors. Because of this, Pittsfield was rated an "A-plus" underlying bond rating by the agency and assigned the highest short-term rating: Standards & Poor's plus-1 to the notes.  

S&P Global Ratings also assigned the "AA" enhanced rating to the bonds as debt service is secured by the State Qualified Bond Act local state aid intercept program.

This confirms the city's sound financial stance, Kerwood said, and is reportedly why the city is able to attract quality buyers to the bond issuances.  


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Pittsfield Schools See 'Very Modest' Chapter 70 Increase

By Brittany PolitoiBerkshires Staff

The School Committee is expected to vote on a budget in April. 

PITTSFIELD, Mass. — The Pittsfield Public Schools will see a "very modest" increase in Chapter 70 funding for fiscal year 2027, and administrators are working to calculate exactly what that will mean. 

Gov. Maura Healey filed a nearly $63 billion budget on Wednesday that increases the city's school funding by $404,000. The Pittsfield schools dropped into a lower Chapter 70 funding category because it has fewer students considered low income. 

This year's expected Chapter 70 aid is just over $68.8 million. In FY26, the district received $68,450,361.

"While the FY27 budget reflects a modest increase over last year's budget, anticipated rising costs such as any current and potential contractual obligations, insurance increases, fuel increases, etc., will result in a budgetary shortfall," Assistant Superintendent for Business and Finance Bonnie Howland reported on Wednesday. 

"The foundation budget also reflects that decrease in overall student enrollment, and this shapes the critical next phase of our work." 

In 2024, the discovery of 11 students meeting those income guidelines put the district in the higher funding category and added $2.4 million in Chapter 70 funds to the school budget. 

The district will review prior year spending trends and confirm district priorities before drafting the budget, which is about 80 percent contractual obligations for teachers, aides, administrators, and support staff. Embedded into the process is engagement with staff, the community, and the City Council. 

Interim Superintendent Latifah Phillips said that in some cases, the district may be able to reduce a current vacancy, but in other cases, there will be a significant effort to hire. 

"For example, for core subject classrooms, we have to fill those positions, and so we are taking a look at every position, every role, how it's being utilized to make recommendations for how we will balance this budget," she explained. 

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