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 WTP Reserve Capital Outlays FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Screw Pump Lower Unit $0 $6,500 $0 $0 $0 $0 $0 4th Avenue West CSI 0 0 0 0 0 0 0 Overhead Doors 8,500 0 0 0 0 0 0 Replace Driveways 0 0 0 0 370,000 0 0 RBC Replacement 5,000 5,000 5,000 5,000 5,000 5,000 0 RBC Cover Replacement 0 0 0 0 0 50,000 0 Bio Solid Tank Improvements 0 0 0 0 50,000 0 0 Lab Remodel & Replace Control Panel 0 0 75,000 0 0 0 0 EQ Pumping Station Generator 0 250,000 0 0 0 0 0 Nutrient Reduction 0 0 825,000 0 0 0 0 Misc. WWTP Rehab 0 0 115,000 0 0 0 0 Misc. 0 0 0 0 0 0 50,000 Total $13,500 $261,500 $1,020,000 $5,000 $425,000 $55,000 $50,000 ^ ^ ^ data from old FY18-22 CIP Budget Projected Projected Projected Projected

Prepared by PFM Financial Advisors LLC