By Seth Kinker, email@example.com
On Saturday, Apr. 14 the Chelsea Area Fire Authority (CAFA) purchased a new fire truck, a mini pumper, that is now in the rotation for the Chelsea Fire Department.
Although in the rotation, area firefighters still need to train on the new truck, CAFA Chairman Kurt Koseck told The Sun Times. The training comes because of a new foaming system in this truck that differs from the other.
In addition to the firefighters training on the new truck, Koseck said CAFA wanted the chance for the Fire Department’s mechanic to look over the truck in the event it ever comes to his shop.
Other discussions at the CAFA board meeting last Tuesday included establishing basic financial benchmarks to make it easier to communicate to the public.
One way CAFA has recently saved some taxpayer money was deciding to pay off the lease of a fire truck to eliminate interest payments, which saved over $5,000.
Currently, CAFA uses a reserve account to pay day to day bills. The reserve account would be a certificate of deposit (CD), a time deposit account, which means the bank agrees to pay interest at a certain rate if the savers deposit their cash for a set term or period of time.
Now they’re looking to create a capital account for future purchases.
“The way we financed fire trucks in the past was that we would take out a lease,” said Kosek. “The monthly payment would come out of the operating reserves, but now what were going to do is create an account just for future capital expenses.”