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
WTP Reserve Beginning Balance
56 $1,312,128 $1,486,671 $1,466,786 $1,749,891 $2,044,391 $2,092,891 $2,040,681 $2,598,026 $2,733,026 $3,238,026
Operating Transfer
196,342
328,605
287,017
308,000
310,000
967,790
562,346
560,000
560,000
560,000
57 58 59
Miscellaneous Expenditures
0
0
0
0
0
0
0
0
0
0
Capital Expenditures
(21,799)
(348,490)
(3,912)
(13,500)
(261,500)
(1,020,000)
(5,000)
(425,000)
(55,000)
(50,000)
Ending Balance
60 $1,486,671 $1,466,786 $1,749,891 $2,044,391 $2,092,891 $2,040,681 $2,598,026 $2,733,026 $3,238,026 $3,748,026
Sanitary Sewer Reserve Beginning Balance
$1,076,651
$991,881 $1,153,172 $1,388,389 $1,548,959 $1,645,159 $1,564,143 $1,564,938 $1,633,240 $1,697,122
61 62 63 64
Operating Transfer
145,779
324,317
362,882
304,000
305,000
143,984
143,295
143,302
143,883
129,426
Miscellaneous Expenditures
0
0
0
0
0
0
0
0
0
0
Capital Expenditures
(230,549)
(163,026)
(127,665)
(143,430)
(208,800)
(225,000)
(142,500)
(75,000)
(80,000)
(50,000)
Ending Balance
65 $991,881 $1,153,172 $1,388,389 $1,548,959 $1,645,159 $1,564,143 $1,564,938 $1,633,240 $1,697,122 $1,776,548
CSI Reserve Beginning Balance
$349,420 564,240
$383,523 634,100
$454,087 712,770
$603,899 775,012
$594,880 855,325
$664,031 926,602
$803,034 926,602
$940,775 926,602 (200,000) (799,779) 7,997 $202,492 41,418 799,779 (841,197) $202,492 0
$875,594 $1,007,174
66 67 68 69 70 71 72 73 74 75 76 77
CSI Revenue
926,602
926,602
Interest
4,297
5,448
7,483
4,000
5,000
5,644
6,826
7,443
8,561
Capital Expenditures Transfer to Sinking Fund
0
0
0
0
0
0
0
0
0
(534,433) $383,523
(568,985) $454,087
(570,441) $603,899
(788,031) $594,880
(791,173) $664,031
(793,244) $803,034
(795,687) $940,775
(802,464)
(825,193)
Ending Balance
$875,594 $1,007,174 $1,117,143
Sinking Fund Beginning Balance
$412,597 71,714 534,433 (621,488) $397,257 0
$397,257 69,133 568,985 (618,988) $416,387 0
$416,387 65,451 570,441 (215,000) (634,786) $202,492
$202,492 52,993 788,031 (841,024) $202,492 0
$202,492 50,304 791,173 (841,477) $202,492 0
$202,492 47,243 793,244 (840,487) $202,492 0
$202,492 44,377 795,687 (840,064) $202,492 0
$202,492 38,358 802,464 (840,822) $202,492 0
$202,492 35,197 825,193 (860,390) $202,492 0
Interest & BAB Credit Transfer from CSI Reserve Transfer from Sewer Operations
Debt Service Ending Balance Total Cash Balance
78 $3,756,191 $4,023,230 $4,536,579 $5,092,558 $5,402,703 $5,022,309 $5,729,216 $5,881,724 $6,593,703 $7,309,561
Deposit to WTP Reserve Deposit to San. Sewer Reserve Deposit to Sinking Fund
$300,000 $300,000
$300,000 $300,000
$950,000 $130,000
$545,000 $130,000
$560,000 $130,000
$560,000 $130,000
560,000 115,000
$0
$0
$0
$0
$0
$0
0
Prepared by PFM Financial Advisors LLC
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