FY 2020-2024 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

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

27 $1,642,634 $1,549,745 $1,621,305 $1,276,735 $1,135,556 $1,114,891 $1,111,545 $1,110,558 $1,110,820 $1,098,627

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

28 29

Total Revenue Debt

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

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

Series 2008A G.O. Bonds

30

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

0

0 0

0 0

0 0

0 0

0 0

0 0

Series 2009 G.O. SRF Bonds (Cell Close.) 31

158,775 $158,775 $158,775

Series 2010A G.O. Ref Bonds

32 33

Total G.O. Debt

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

Total Landfill Debt

34

Debt Service Coverage Net Revenues / Revenue 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

35 36

4.43

4.16

8.35

8.04

Net Revenues / All Debt

Net Cashflow After Debt Capital Expenditures Bond Call/Defeasance

37 $1,271,477 $1,177,488 $1,427,040 $1,117,960 $1,135,556 $1,114,891 $1,111,545 $1,110,558 $1,110,820 $1,098,627

(30,997)

0

(39,920) (286,000)

(712,314) (155,000) (100,390) (45,000) 0 (104,902) 38,600 $38,954 0

(375,000)

(785,000)

(355,000)

0 (1,255,000)

0 0 0

38 39 40 41 42 43 44 45 46

0 0 0 0

(345,000)

0 0

0 0

0 0

0 0

0 0

0

0

Bond Proceeds

(69,480)

(86,871)

(88,561) (40,000)

(121,720) (58,454) (386,402) (12,156) $181,824 0

(133,892) (57,028)

(147,281) (47,418)

(162,009) (48,870)

(178,210) (50,083)

(196,031) (51,434)

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

0

(1,032,897)

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

(948,603) 27,484 $51,440

(367,261)

(533,573)

(877,798)

408,550

(821,167)

(4,999)

0

0

0

0

0

Annual Surplus / (Deficit)

$133,104

($228,290)

$28,273

$21,880

$36,077

$29,994

Operating Cash Beginning Balance

$380,964 133,104 $514,068

$514,068 109,591 $623,660

$623,660

$675,100

$714,054 181,824 $895,878

$895,878 (228,290) $667,587

$667,587

$695,860

$717,741

$753,818

47 48 49

51,440

38,954

28,273

21,880

36,077

29,994

Annual Surplus / (Deficit)

Ending Balance

$675,100

$714,054

$695,860

$717,741

$753,818

$783,812

68%

71%

66%

64%

71%

50%

50%

50%

50%

50%

Cash Balance as % of O&M

50

Prepared by PFM Financial Advisors LLC

Page 2 of 4

Date: 12/21/2018