City officials worked out the finances Tuesday night to purchase a new fire truck from a very tight 2016 budget.
During a Finance Committee meeting, Fire Chief Richard Benton made the case for the purchase of a new pumper engine at the cost of $415,000 by leasing the truck over 10 years with the first payment being due in late 2016.
After the committee meeting, the full City Council on Tuesday night voted 10-1 in favor of buying the truck.
From a money standpoint, Finance Director Ted Pileski said this particular lease-purchase option is acceptable because the interest rate is comparable to bond financing and it would keep the payments under $50,000 a year — not a small sum considering the city’s finances, but doable.
“We need it, so we will look to cut someplace else,” he said.
Benton said the truck will replace an out-of-service engine truck purchased in 1997.
An engine truck purchased in 2009 will become the department’s reserve truck once the new truck hits Elyria streets.
On a 10-year lease-purchase option, the city will be able to rotate a new vehicle into service on a more predictable schedule, Benton said.
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