FY 21-25 CIP

City of Spencer, Iowa Solid Waste Enterprise Fund

EXHIBIT 1

Growth Assumptions

Solid Waste Rate Adjustments 2.00% 1-Jul-20

Tonnage Growth Other O&M Expenses

0.00%

1-Jul-16 1-Jul-17 1-Jul-18 1-Jul-19

4.00% 4.00% 4.00% 4.00%

Var.

2.00% 1-Jul-21 3.00% 1-Jul-22 4.00% 1-Jul-23

Interest Rate - Cash Balances

0.50%

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

12,230 $16.65 $153.85

11,353 $16.98 $149.20

13,298 $17.49 $128.38

13,298 $18.20 $133.51

13,298 $18.93 $138.85

13,298 $19.69 $144.41

13,298 $20.47 $150.18

13,298 $21.29 $156.19

13,298 $22.14 $162.44

13,298 $23.03 $168.94

13,298 $23.95 $175.69

Tonnage to Landfill Residential Rate

1 2

Ave Revenue per Tonnage OPERATING REVENUES Commercial Account Sales

3

$863,934 1,017,729

$651,367 1,042,466 14,280 255,436 203,968 62,206 36,244 24,114 $627,797 78,835 142,847 16,976 21,902 22,541 83,030 14,221 540,000 26,238 39,951 598

$626,931 1,080,257

$650,000 1,050,000

$650,000 1,125,000

$750,354 1,170,000 91,780 150,000 203,500 50,000

$780,368 1,216,800 95,451 150,000 203,500 50,000

$811,583 1,265,472 99,269 150,000 203,500 50,000

$844,046 1,316,091 103,240 150,000 203,500

$877,808 1,368,735 107,370 150,000 203,500

$912,920 1,423,484 111,664 150,000 203,500

4 5 6 7

Residential User Fees County Revenue Dumpsters/Roll Off

0

81,594 221,142 302,307 55,442 36,741

88,250 150,000 153,500 60,000 31,000

88,250 150,000 203,500 50,000 25,000

114,245 161,256 52,090 34,597

Tag Sales & Transfer Station Receipts 8

50,000

50,000

50,000

Sales From Recyclables

9

0

0

0

0

0

0

Sales Tax

11 12

6,365

7,313

7,000

4,500

4,500

4,500

4,500

4,500

4,500

4,500

Miscellaneous

Total Operating Revenues OPERATING EXPENSES Salaries

13 $2,250,215 $2,290,080 $2,411,726 $2,189,750 $2,296,250 $2,420,134 $2,500,619 $2,584,324 $2,671,377 $2,761,912 $2,856,069

$673,785 108,257 117,840 15,493 34,413 21,532 69,240 16,744 659,403 26,100 36,090 848

$647,074 107,246 130,302 18,441 67,759 12,858 95,621 13,751 540,000 26,250 39,184 574

$719,800 123,070 202,000 21,500 163,490 14,355 95,000 21,400 540,000 29,000 37,500 1,800

$713,097 121,459 158,000 21,800 137,640 13,809 95,000 22,900 510,000 29,000 37,500 1,300

$734,490 120,870 162,740 22,454 141,769 14,223 125,000 23,587 510,000 29,870 37,500 1,339

$756,525 124,496 167,622 23,128 146,022 14,650 125,000 24,295 510,000 30,766 37,500 1,379

$779,220 128,231 172,651 23,821 150,403 15,089 125,000 25,023 510,000 31,689 37,500 1,421

$802,597 132,078 177,830 24,536 154,915 15,542 125,000 25,774 510,000 32,640 37,500 1,463

$826,675 136,040 183,165 25,272 159,562 16,008 125,000 26,547 510,000 33,619 37,500 1,507

$851,475 140,121 188,660 26,030 164,349 16,489 125,000 27,344 510,000 34,628 37,500 1,552

14 15 16 17 18 19 20 21 22 23 24 25

Payroll Taxes

Repairs and Maintenance

Utilities

Contract Services Insurance Premiums

Gas & Oil Supplies

Staff Development Landfill Charges Collection Fees

Sales Tax

Total Operating Expense Net Operating Income

26 $1,779,745 $1,614,935 $1,699,060 $1,968,915 $1,861,505 $1,923,842 $1,961,382 $2,000,049 $2,039,875 $2,080,897 $2,123,148

$470,470

$675,145

$712,666

$220,835

$434,745

$496,292

$539,237

$584,275

$631,502

$681,016

$732,920

27 28 29

16,867

22,215

34,610

15,100

15,000

10,525

10,298

10,884

12,216

12,745

13,364

Interest Income

Revenue Available for Debt Service

$487,337

$697,360

$747,275

$235,935

$449,745

$506,817

$549,535

$595,159

$643,718

$693,761

$746,284

Prepared by PFM Financial Advisors LLC

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Date: 4/15/2020