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September 13, 2013
The Dispatch/Maryland Coast Dispatch
Page 7
. . Tough Decisions Ahead, BFC Reports
FROM PAGE 6 strong financial position,” with about $2.2 million in reserves as of December 2012. Stern noted the importance of keeping those reserves up but opined that the company should be able to draw from that stockpile for the time being and remain sound fiscally. The mayor agreed, saying, “I don’t think that the fire company is in a position, based on the information we’ve received, based on the review Mr. Stern made, is certainly not impoverished nor is it on the brink of insolvency.” The BFC is in a good spot currently, acknowledged Fitzgerald, but the loss in funding from the town threatens that in the long run. “That $2.2 million, when we start picking away at these capital funds, will disappear very, very quickly,” he said. Additionally, whenever money is donated to the company, donors usually have an expectation of how it will be used, further tying management’s hands, said Fitzgerald. Money promised for a new firehouse or ladder truck can’t be used on an electric bill as that would “violate [donor’s] trust,” he told the council. Fire Company Assistant Chief Logan Helmuth further elaborated on how the cost of modern equipSEE PAGE 42
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