FY 21-25 CIP

City of Spencer, Iowa Sewer Enterprise Fund

EXHIBIT 1

Sewer Rate Adjustments 4.00% 1-Jul-23 4.00% 1-Jul-24 4.00% 1-Jul-25 4.00% 1-Jul-26

Growth Assumptions

1-Jul-18 1-Jul-19 1-Jul-20 1-Jul-21 1-Jul-22

4.00% 4.00% 4.00% 4.00%

Sewer Sales Growth Other O&M Expenses

(1.50%) 3.00% 0.50%

Interest Rate - Cash Balances

4.00%

Audited Financial Statements Projected FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 Budget Budget Projected Projected Projected Projected Projected

Sanitary Sewer Reserve Capital Outlays FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 Sewer Lining Project $150,000 $0 $0 $0 $165,000 $0 $0 $0 Vehicle Replacement 0 37,500 0 0 0 0 0 0 Sewer Camera Upgrade 0 8,000 0 0 0 0 0 0 Easement Sewer Machine 0 0 0 65,000 0 0 0 0 Manhole Rehabilitation 30,000 30,000 30,000 35,000 40,000 0 0 0 Intake-Catch Basin Rehab 57,000 57,000 57,000 57,000 57,000 0 0 0 North Lift Station Rehabilitation 0 20,000 0 0 0 0 0 0 Country Club Lift Station Rehabilitation 0 20,000 0 0 0 0 0 0 Corn Belt Lift Station Rehabilitation 0 20,000 0 0 0 0 0 0 W. 4th Street Lift Station 0 20,000 0 0 0 0 0 0 Misc. 0 0 0 0 0 200,000 200,000 200,000 Total $237,000 $212,500 $87,000 $157,000 $262,000 $200,000 $200,000 $200,000 CSI Capital Outlays FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 Reserved $0 $0 $0 $0 $0 $0 $0 $0 Total $0 $0 $0 $0 $0 $0 $0 $0 WTP Reserve Capital Outlays FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 Replace Driveways $0 $0 $400,000 $0 $0 $0 $0 $0 RBC Cover Replacement 0 0 0 50,000 0 0 0 0 Bio Solid Tank Improvements 0 0 50,000 0 0 0 0 0 2020 WTP Plant Rehab 0 3,800,000 0 0 0 0 0 0 Placeholder for Plant Upgrade 0 0 0 0 0 6,000,000 0 0 Miscellaneous 711,000 0 0 0 100,000 100,000 100,000 100,000 Total $711,000 $3,800,000 $450,000 $50,000 $100,000 $6,100,000 $100,000 $100,000

Prepared by PFM Financial Advisors LLC

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Date: 4/25/2020