FY 2019-2023 Capital Improvement Plan

City of Spencer, Iowa Solid Waste Enterprise Fund

EXHIBIT 1

Growth Assumptions

Solid Waste Rate Adjustments

Tonnage Growth Other O&M Expenses

0.00%

1-Jul-16 1-Jul-17 1-Jul-18 1-Jul-19

2.00% 2.00% 3.00% 4.00%

1-Jul-20 1-Jul-21 1-Jul-22 1-Jul-23

4.00% 4.00% 4.00% 4.00%

Var.

Interest Rate - Cash Balances

0.85%

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

Tonnage to Landfill Residential Rate

12,207 $16.00

11,605 $16.32

12,230 $16.65

12,230 $16.98

12,230 $17.49

12,230 $18.19

12,230 $18.92

12,230 $19.67

12,230 $20.46

12,230 $21.28

1 2 3 4

Landfill Revenue Adjustments Rate per Tonnage to Landfill Ave Revenue per Tonnage OPERATING REVENUES Commercial Account Sales

1.82% 1.81% 1.81%

2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

$51.97

$52.91

$53.87

$54.95

$56.05

$57.17

$58.31

$59.48

$60.67

$61.88

$153.60

$165.51

$153.85

$147.58

$138.59

$144.13

$149.90

$155.90

$162.13

$168.62

5

$902,869 972,203 142,665 50,011 0

$927,093 993,698 125,198 22,925 0

$863,934 1,017,729 114,245 161,256

$800,000 1,005,000 100,000 100,000

$670,000 1,025,000 125,000 153,500

$696,800 1,066,000 125,000

$724,672 1,108,640 125,000

$753,659 1,152,986 125,000

$783,805 1,199,105 125,000

$815,157 1,247,069 125,000

6 7 8 9

Residential User Fees Dumpsters/Roll Off Sales From Recyclables Recycling Containers

Tag Sales & Transfer Station Receipts

75,000 40,000

75,000 40,000

75,000 40,000

75,000 40,000

75,000 40,000

52,090

30,000

40,000

10 11 12 13 14

0

0

0

0

0

0 0

0 0

0 0

0 0

0 0

Sales Tax

43,333

43,283

34,597

31,000

31,000 85,680 7,000

County Revenue Miscellaneous

0

0

0

0

85,680 7,000

85,680 7,000

85,680 7,000

85,680 7,000

85,680 7,000

(1,789)

(1,069)

6,365

6,000

Total Operating Revenues OPERATING EXPENSES Salaries

15 $2,109,291 $2,111,128 $2,250,215 $2,072,000 $2,137,180 $2,095,480 $2,165,992 $2,239,324 $2,315,590 $2,394,907

$603,453 97,520 133,420 15,876 17,694 32,971 102,156 15,872 634,684 26,025 34,713 0

$628,840 99,995 129,077 14,002 31,263 33,000 64,244 11,078 614,337 26,100 35,916 80

$673,785 108,257 117,840 15,493 34,413 21,532 69,240 16,744 659,403 26,100 36,090 848

$659,001 109,337 153,000 21,600 34,100 22,541 100,000 19,500 540,000 27,000 36,000 1,800

$697,706 119,556 157,000 21,500 34,700 23,550 95,000 19,500 1,800 540,000 27,000 37,500

$718,637 118,261 160,870 21,500 35,195 24,257 125,000 19,500 540,000 27,000 39,500 1,800

$740,196 121,809 164,856 21,500 35,705 24,984 125,000 19,500 540,000 27,000 41,500 1,800

$762,402 125,463 168,962 21,500 36,230 25,734 125,000 19,500 540,000 27,000 43,500 1,800

$785,274 129,227 173,191 21,500 36,771 26,506 125,000 19,500 540,000 27,000 45,500 1,800

$808,832 133,104 177,546 21,500 37,328 27,301 125,000 19,500 540,000 27,000 47,500 1,800

16 17 18 19 20 21 22 23 24 25 26 27

Payroll Taxes

Repairs and Maintenance

Utilities

Contract Services Insurance Premiums

Gas & Oil Supplies

Staff Development Landfill Charges Collection Fees

Sales Tax

Total Operating Expense Net Operating Income

28 $1,714,382 $1,687,931 $1,779,745 $1,723,879 $1,774,812 $1,831,520 $1,863,850 $1,897,091 $1,931,268 $1,966,412

$394,909

$423,197

$470,470

$348,121

$362,368

$263,960

$302,142

$342,234

$384,322

$428,495

29 30

Interest Income

11,569

13,365

16,867

10,000

10,000

14,382

12,288

11,521

10,080

9,991

Revenue Available for Debt Service

$406,478

$436,562

$487,337

$358,121

$372,368

$278,343

$314,430

$353,755

$394,401

$438,486

31

Prepared by PFM Financial Advisors LLC