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

Sanitary Sewer Reserve Capital Outlays FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Sewer Lining Project $0 $0 $150,000 $0 $0 $0 $0 Vehicle Replacement 0 0 0 37,500 0 0 $0 Utility Trailer 0 1,800 0 0 0 0 $0 Hose & Piping Equip 17,000 0 0 0 0 0 $0 W. 4th Street Main Maintenance 0 50,000 0 0 0 0 0 Manhole Rehabilitation 25,000 25,000 25,000 25,000 25,000 30,000 0 Intake-Catch Basin Rehab 50,000 50,000 50,000 50,000 50,000 50,000 0 North Lift Station Rehabilitation 15,430 18,000 0 10,000 0 0 0 Country Club Lift Station Rehabilitation 18,000 18,000 0 10,000 0 0 0 Corn Belt Lift Station Rehabilitation 18,000 18,000 0 10,000 0 0 0 W. 4th Street Lift Station 0 28,000 0 0 0 0 0 Misc. 0 0 0 0 0 0 50,000 Total $143,430 $208,800 $225,000 $142,500 $75,000 $80,000 $50,000

CSI Capital Outlays FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Emergency Generator $0 $0 $0 $0 $200,000 $0 $0 Total $0 $0 $0 $0 $200,000 $0 $0

Prepared by PFM Financial Advisors LLC