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

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

27

Landfill Debt Service Series 2004B Revenue Bonds

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

28 29 30 31

Total Revenue Debt

Series 2006A G.O. Bonds Series 2008A G.O. Bonds

180,570 31,500 159,088 $371,158 $371,158

180,200 30,870 161,188 $372,258 $372,258

0

0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

31,240 163,025 $194,265 $194,265

Series 2009 G.O. SRF Bonds (Cell Close.) 32

158,775 $158,775 $158,775

Series 2010A G.O. Ref Bonds

33 34

Total G.O. Debt

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

Total Landfill Debt

35

Debt Service Coverage Net Revenues / Revenue Debt Net Revenues / All Debt Net Cashflow After Debt

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

36 37 38 39 40 41 42 43 44 45 46 47

4.43

4.16

8.35

5.97

$1,271,477 $1,177,488 $1,427,040

$789,868 $1,135,556 $1,200,339 $1,204,698 $1,201,934 $1,206,177

$1,205,900

(30,997)

0

(39,920) (286,000) (88,561) (40,000) 0 (948,603) 27,484 $51,440 0

(1,081,000) (155,000) (100,390) (45,000) (100,000) 416,433 0

(375,000)

(330,000) (1,028,000)

0 0 0

(350,000)

0 0 0

Capital Expenditures Bond Call/Defeasance

0 0 0 0

(345,000)

0 0

0 0

0 0

0 0

0

Bond Proceeds

(69,480)

(86,871)

(121,720) (58,454) (396,396) (12,156) $171,830 0

(133,892) (57,028)

(147,281) (50,528)

(162,009) (52,048)

(178,210) (53,314)

(196,031) (54,875)

Group Insurance & Work. Comp. Solid Waste Transfer In / (Out) Operating Transfers In / (Out) Net Fund Transfers In / (Out) Other Cash Sources / (Uses)

0 0

0

0

0

0

0

(1,032,897)

(560,310) (75,716) $109,591

(576,083)

48,865

(958,875)

(596,680)

(921,407)

(4,999)

(5,156)

0

0

0

0

0

Annual Surplus / (Deficit)

$133,104

($280,245)

$103,336

$27,754

$29,002

$27,972

$33,587

Operating Cash Beginning Balance

$380,964 133,104 $514,068

$514,068 109,591 $623,660

$623,660

$675,100 (280,245) $394,855

$394,855 171,830 $566,684

$566,684 $670,020

$697,774 $726,776

$754,748

48 49 50

51,440

103,336

27,754

29,002

27,972

33,587

Annual Surplus / (Deficit)

Ending Balance

$675,100

$670,020 $697,774

$726,776 $754,748

$788,335

68%

71%

66%

34%

45%

50%

50%

50%

50%

50%

Cash Balance as % of O&M

51

Prepared by PFM Financial Advisors LLC