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

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

Total Solid Waste Debt Debt Service Coverage

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

32

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

n/a n/a

Net Revenues / Revenue Debt Net Revenues / All Debt

33 34

Net Cashflow After Debt

$406,478 (183,530)

$436,562 (201,934)

$487,337 (179,380)

$358,121 (171,345)

$372,368 (209,321)

$278,343 (230,253)

$314,430 (253,278) (8,043) (97,411)

$353,755 (278,606)

$394,401 (306,467)

$438,486 (337,114)

35 36 37 38 39 40 41 42

Group Insurance & Work. Comp. Operating Transfers In / (Out) Solid Waste Closure Reserve Landfill Transfer In / (Out) Other Cash Source / (Use) Solid Waste Reserve

(8,043)

(5,000)

(8,043)

(8,043)

(8,043) (5,000)

(8,043)

(8,043)

(8,043)

(8,043)

(173,540)

(234,315)

(271,556)

(205,000)

(436,619)

(111,556)

(130,013)

(144,860)

(144)

(154)

(160)

0

0

0

0

0

0

0

0

0 0

40,000

45,000 100,000 $118,733 $582,177 118,733 $700,910

45,000

57,028

54,677

56,318

57,705

59,412

(1)

(1)

0

0

0

0

0

0

Annual Surplus / (Deficit)

$41,220

($4,841)

$68,198

$195,004

($339,544)

$10,375

$11,868

$7,584

$7,882

Operating Cash Beginning Balance

$477,600

$518,820

$513,979

$700,910 195,004 $895,914

$895,914 (339,544) $556,369

$556,369

$566,744

$578,612

$586,196

43 44 45

Annual Surplus / (Deficit)

41,220

(4,841)

68,198

10,375

11,868

7,584

7,882

Ending Balance

$518,820

$513,979

$582,177

$566,744

$578,612

$586,196

$594,078

30%

30%

33%

41%

50%

30%

30%

30%

30%

30%

Cash Balance as % of O&M

46

Solid Waste Reserve Beginning Balance Operating Transfers

$863,572 173,540

$846,080 234,315

$905,006 271,556

$996,706 205,000

$931,706

$778,706 436,619

$871,825

$771,235 111,556

$589,791 130,013

$571,804 144,860

47 48 49 50 51 52

5,000

97,411

Grant Proceeds

0 0

0 0

0 0

0 0

0

0 0

0 0

0 0

0 0

0 0

Other Transfers In / (Out) Capital Expenditures

(3,000)

(191,032) $846,080

(175,389) $905,006

(179,856) $996,706

(270,000) $931,706

(155,000) $778,706

(343,500) $871,825

(198,000) $771,235

(293,000) $589,791

(148,000) $571,804

(200,000) $516,664

Ending Balance

Prepared by PFM Financial Advisors LLC