FY 2020-2024 Capital Improvement Plan

City of Spencer, Iowa Solid Waste Enterprise Fund

EXHIBIT 1

Growth Assumptions

Solid Waste Rate Adjustments

Tonnage Growth

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%

Other O&M Expenses

Var.

Interest Rate - Cash Balances

0.85%

Unaudited 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

$698,388

$372,368

$284,195

$323,896

$366,938

$411,480

$459,638

29

Total Solid Waste Debt Debt Service Coverage

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

30

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

31 32

Net Cashflow After Debt

$406,478 (183,530)

$436,562 (201,934)

$487,337 (179,380)

$698,388 (171,345)

$372,368 (209,321)

$284,195 (230,253)

$323,896 (253,278) (8,043) (99,941)

$366,938 (278,606)

$411,480 (306,467)

$459,638 (337,114)

33 34 35 36 37 38 39 40

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)

(544,383)

(349,887)

(114,099)

(142,570)

(147,507)

(144)

(154)

(160)

(174)

0

0

0

0

0

0

0

0 0

40,000

45,000

45,000

57,028

47,418

48,870

50,083

51,434

(1)

(1)

0

0

0

0

0

0

0

Annual Surplus / (Deficit)

$41,220

($4,841)

$68,198

$19,443

$195,004

($246,960)

$10,051

$15,060

$4,483

$18,409

Operating Cash Beginning Balance

$477,600

$518,820

$513,979

$582,177

$601,619 195,004 $796,623

$796,623 (246,960) $549,664

$549,664

$559,715

$574,775

$579,259

41 42 43

41,220

(4,841)

68,198

19,443

10,051

15,060

4,483

18,409

Annual Surplus / (Deficit)

Ending Balance

$518,820

$513,979

$582,177

$601,619

$559,715

$574,775

$579,259

$597,668

Cash Balance as % of O&M

30%

30%

33%

37%

45%

30%

30%

30%

30%

30%

44

Solid Waste Reserve Beginning Balance

$863,572 173,540

$846,080 234,315

$905,006 271,556

$996,706 $1,516,145 $1,163,145 $1,169,532 $1,070,473

$890,572 142,570

$883,142 147,507

45 46 47 48 49 50

544,383

5,000

349,887

99,941

114,099

Operating Transfers

0 0

0 0

0 0

0 0

0

0 0

0 0

0 0

0 0

0 0

Grant Proceeds

(3,000)

Other Transfers In / (Out) Capital Expenditures

(191,032) $846,080

(175,389) $905,006

(179,856)

(24,944)

(355,000)

(343,500)

(199,000)

(294,000) $890,572

(150,000) $883,142

(200,000) $830,649

Ending Balance

$996,706 $1,516,145 $1,163,145 $1,169,532 $1,070,473

Prepared by PFM Financial Advisors LLC

Page 2 of 3

Date: 12/21/2018