FY 2019-2023 Capital Improvement Plan

City of Spencer, Iowa Landfill Enterprise Fund

EXHIBIT 2

Growth Assumptions

Other O&M Expenses

6.00% 3.00% 0.85%

Salary Expense

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

OPERATING REVENUES Landfill Fees

$442,384 682,295 467,518

$405,448 788,161 499,601

$553,677 792,000 525,178

$400,000 535,318 535,682

$425,000 803,605 546,395

$466,666 $480,671

$495,085 $509,909

$525,224 970,288 603,412 $2,098,924

1 2 3 4 5 6 7 8 9

864,170 557,323

889,524 568,492

915,669 579,980

942,560 591,580

Contract Fees Shine Bros

Subtotal

$1,592,197 $1,693,210 $1,870,855

$1,471,000 $1,775,000 $1,888,158 $1,938,686 $1,990,735 $2,044,049

$634,684

$614,337

$659,403 20,176 20,000 22,452 (16,660)

$540,000

$540,000

$540,000 $540,000

$540,000 $540,000

$540,000

Solid Waste Tipping Fees Regional Collection Center

49,092 20,000 26,330 31,744

15,533 20,000 22,502 8,479

16,000 20,000 21,000 5,000

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

Shine Bros DNR Farm Income Miscellaneous

Total Operating Revenues

$2,354,047 $2,374,062 $2,576,227

$2,073,000 $2,368,500 $2,481,658 $2,532,186 $2,584,235 $2,637,549

$2,692,424

10

17.87%

0.85%

8.52% (19.53%)

14.25%

4.78% 2.04% 2.06% 2.06%

2.08%

OPERATING EXPENSES Salaries

$352,594

$376,905 59,031 105,108

$476,986 78,321 67,086 8,250 65,381 11,691 69,137 7,264 20,651 38,337 10,000 105,329 58,119

$447,094 74,269 70,500 9,100 103,000 4,557 95,000 14,500 121,905 49,632 30,000 50,000 80,000

$462,811 79,307 70,500 9,300 100,000 12,348 95,000 15,000 172,550 50,228 20,000 100,000 80,000

$476,695 $490,996

$505,726 $520,898

$536,525 106,131 94,345 12,445 133,823 35,000 127,131 20,073 230,911 67,216 20,000 100,000 80,000 $1,563,600

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

56,015 59,705 9,018 50,908 14,292 79,841 12,403 24,487 20,000 0

84,065 74,730 9,858 106,000 35,000 100,700 15,900 182,903 53,242 20,000 100,000 80,000

89,109 79,214 10,449 112,360 35,000 106,742 16,854 193,877 56,436 20,000 100,000 80,000

94,456 83,967 11,076 119,102 35,000 113,147 17,865 205,510 59,822 20,000 100,000 80,000

100,123 89,005 11,741 126,248 35,000 119,935 18,937 217,840 63,412 20,000 100,000 80,000

Payroll Taxes

Repairs and Maintenance

6,847 52,671 15,000 59,151 9,509 27,527 41,443 20,000 10,011 91,219

Utilities

Contract Services Insurance Premiums

Fuel

Supplies

Other Expenses

Regional Collection Center

Shine Bros DNR

0

Leachate Disposal Charge State Tipping Charges Total Operating Expense

72,383

$751,646

$874,422 $1,016,552

$1,149,557 $1,267,044 $1,339,093 $1,391,038 $1,445,671 $1,503,139

Net Operating Income

$1,602,401 $1,499,640 $1,559,674

$923,443 $1,101,456 $1,142,565 $1,141,148 $1,138,564 $1,134,410

$1,128,823

40,234

50,105

61,631

25,200

34,100

57,774

63,550

63,370

71,767

77,077

Interest Income

Revenue Available for Debt Service

$1,642,634 $1,549,745 $1,621,305

$948,643 $1,135,556 $1,200,339 $1,204,698 $1,201,934 $1,206,177

$1,205,900

Prepared by PFM Financial Advisors LLC