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

Net Fund Transfers From Operating Cash +/(-) Debt Service Reserve Fund 52

($350,000)

$31,575

$0

$155,000

$0

$0

$0

$0

$0

$0

0

0

0

0

0

0

0

0

0

0

+/(-) Debt Service Sinking Fund

53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73

(35,860) (93,030) (150,233) (249,533) (34,377) (15,825) (85,742) (18,296)

(251,888)

(182,316) (138,324) (352,108) (95,211) (41,555) (117,550) (20,329) ($948,603) (1,209)

(53,283) (111,234) (159,500) 565,000

(40,000) (157,000) (29,000) (130,500) (24,652) (25,839) 10,594 ($396,396) 0

(47,208) (109,754) (186,081) (131,613) (40,916) (40,593) (19,782) ($576,083) (135)

(47,610) (110,686) (186,663) 495,768 (41,264) (40,593) (19,951) $48,865 (136)

(48,014) (111,627) (568,250) (128,518) (41,615) (40,593) (20,120) ($958,875) (138)

(48,423) (112,576) (203,080) (129,610) (41,969) (40,593) (20,291) ($596,680) (139)

(48,834) (113,533) (524,806) (130,712) (42,325) (40,593) (20,464) ($921,407) (140) 2,264,616 1,705,651 3,443,168 390,969 474,482 16,610 513,004 262,569 $9,234,493 $163,425 0

+/(-) Post Closure Fund +/(-) Closure Fund

(6,614)

(158,457) (133,702) (19,867) 25,697 (36,508) (10,545) ($560,310)

+/(-) Improvement/Equipment Fund +/(-) Cell Construction Fund +/(-) Regional Collection Center +/(-) Environmental Management Fund +/(-) Recycling Reserve

(9,402)

0

34,007 (4,156)

+/(-) Planning Reserve

Total Fund Transfers In / (Out)

($1,032,897)

$416,433

Designated & Restricted Cash Debt Service Reserve Fund Debt Service Sinking Fund

$350,000

$318,425

$318,425

$163,425

$163,425

$163,425 $163,425

$163,425 $163,425

0

0

0

0

0

0

0

0

0

1,497,040 734,302 1,075,222 571,869 170,917 40,410 164,152 137,526

1,748,928 740,916 1,233,679 705,571 190,784 14,713 200,660 148,071

1,931,244 879,240 1,585,787 800,782 232,339 15,922 318,210 168,400

1,984,527 990,474 1,745,287 235,782 241,741 15,922 284,202 172,555

2,024,527 1,147,474 1,774,287 366,282 266,393 15,922 310,041 161,961

2,071,735 2,119,345 1,257,228 1,367,914 1,960,369 2,147,032

2,167,360 2,215,782 1,479,541 1,592,118 2,715,282 2,918,362

Post Closure Fund

Closure Fund

Improvement/Equipment Fund Cell Construction Fund Recycling Reserve Regional Collection Center Environmental Management Fund

497,896 307,309 16,057 350,633 181,744

2,128

130,646 390,188 16,331 431,819 221,814

260,257 432,157 16,470 472,411 242,105

348,574 16,194 391,226 201,694

Local Planning Reserve Total Restricted Cash

$4,741,437 $5,301,747 $6,250,350

$5,833,917 $6,230,313 $6,806,396 $6,757,531 $7,716,406 $8,313,086

Total Cash Balance

$5,255,505 $5,925,406 $6,925,449

$6,228,771 $6,796,997 $7,476,417 $7,455,305 $8,443,182 $9,067,834 $10,022,828

74

Deposit to Equipment Fund Deposit to Post Closure Fund Deposit to Closure Fund Deposit to Cell Constr. Fund

$300,000 $45,283 $107,234 $128,500

$400,000 $30,000 $150,000 $128,500

$171,000 $230,000

$550,000 $530,000

$500,000 $30,000 $100,000 $128,500

$30,000

$30,000

$30,000

$30,000

$100,000 $100,000 $128,500 $230,000

$100,000 $100,000 $128,500 $128,500

Prepared by PFM Financial Advisors LLC