FY 2019-2023 Capital Improvement Plan
City of Spencer, Iowa Sewer Enterprise Fund
EXHIBIT 1
Growth Assumptions
Sewer Rate Adjustments
Sewer Sales Growth Other O&M Expenses
(1.50%) 3.00% 0.85%
1-Jul-16 1-Jul-17 1-Jul-18 1-Jul-19
4.00% 4.00% 4.00% 4.00%
1-Jul-20 1-Jul-21 1-Jul-22 1-Jul-23
4.00% 4.00% 4.00% 4.00%
Interest Rate - Cash Balances
Budget Projected FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Audited Financial Statements Budget Projected Projected Projected Projected
Revenue Available for Debt Service
30 $1,391,683 $1,597,772 $1,921,364 $1,609,162 $1,752,275 $1,837,204 $1,828,331 $1,828,309 $1,823,161 $1,822,339
Sewer Debt Service Series 2009 SRF Loan Series 2010 SRF Loan Series 2016 SRF Loan
$103,715 515,778
$103,635 515,353
$104,490 515,635
$104,248 515,593 221,184
$103,940 516,225 221,312
$104,568 515,500 220,419
$104,098 515,450 220,516
$104,563 516,043 220,592
$103,930 516,245 220,647
104,233 516,058 240,100
31 32 33 34 35 36 37 38
0 0
0 0
14,661
Reserved
0
0
0
0
0
0
0
0
Total Revenue Debt
$619,493 $51,568 $51,568 $671,061 0
$618,988 $54,845 $54,845 $673,833 0
$634,786 $53,301 $53,301 $688,087 0
$841,024
$841,477
$840,487
$840,064
$841,197
$840,822
$860,390
Series 2007 G.O. Land Bonds Series 2017 G.O. Sewer SRF Loan
$0
$0
$0
$0
$0
$0
$0
23,523 $23,523 $864,547
95,080 $95,080 $936,557
95,780 $95,780 $936,267
96,440 $96,440 $936,504
96,060 $96,060 $937,257
95,660 $95,660 $936,482
105,200 $105,200 $965,590
Total G.O. Debt
Total Sewer Debt
39
Debt Service Coverage
Net Revenues / Revenue Debt Net Revenues / All Debt
2.25 2.07
2.58 2.37
3.03 2.79
1.91 1.86
2.08 1.87
2.19 1.96
2.18 1.95
2.17 1.95
2.17 1.95
2.12 1.89
40 41
Net Cashflow After Debt
$720,623
$923,939 $1,233,277
$744,615
$815,718
$900,937
$891,828
$891,052
$886,679
$856,749
42 43 44 45 46 47 48 49 50 51
Series 2007 - Cash Defeasance
0
0
(380,000) (287,017) (283,917) (149,812) 213,894 (273,000) (14,316) $59,110 0
0
0
0
0
0
0
0
WTP Reserve
(196,342) (145,779) (34,103)
(328,605) (324,317) (70,564) (19,130) (100,000) (45,385) $35,938 0
(308,000) (304,000)
(310,000) (305,000) (69,151)
(967,790) (143,984) (139,002)
(562,346) (143,295) (137,741)
(560,000) (143,302) (134,819)
(560,000) (143,883) (131,580)
(560,000) (129,426) (109,969)
Sanitary Sewer Reserve
CSI Reserve Sinking Fund Storm Sewer Bond Proceeds
9,019
15,341
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
(187,500)
0
Other Cash Sources / (Uses)
(41,261) $130,979
(31,706) $109,928
(35,273) $96,293
(36,331) ($386,169)
(37,421) $11,025
(38,544) $14,387
(39,700) $11,516
(40,891) $16,463
Annual Surplus / (Deficit)
Operating Cash Beginning Balance
$365,880 130,979 $496,859
$496,859
$532,798
$591,908 109,928 $701,836
$701,836
$798,129 (386,169) $411,960
$411,960
$422,984
$437,371
$448,888
52 53 54
Annual Surplus / (Deficit)
35,938
59,110
96,293
11,025
14,387
11,516
16,463
Ending Balance
$532,798
$591,908
$798,129
$422,984
$437,371
$448,888
$465,351
Cash Balance as % of O&M
40%
42%
47%
53%
60%
30%
30%
30%
30%
30%
55
Prepared by PFM Financial Advisors LLC
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