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

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

29

Total Solid Waste Debt Debt Service Coverage

$0

$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

n/a n/a

Net Revenues / Revenue Debt Net Revenues / All Debt

31 32

Net Cashflow After Debt

$487,337 (179,380)

$697,360 (171,345) (12,769) (550,203)

$747,275 (211,750)

$235,935 (207,284)

$449,745 (218,924) (17,390)

$506,817 (240,816) (17,390) (511,228)

$549,535 (264,898) (17,390) (257,314)

$595,159 (291,388) (17,390) (272,851)

$643,718 (320,527) (17,390) (294,115)

$693,761 (352,579) (17,390) (309,585)

$746,284 (387,837) (17,390) (330,133)

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)

(8,043)

(9,708) (7,500)

(271,556)

(503,956)

(7,500)

(160)

(174)

(238)

(100)

(100)

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

40,000

50,820

0

0 0

0 0

(1)

(1)

5,041

Annual Surplus / (Deficit)

$68,198

$13,688

$28,329

$11,343

$205,831

($262,617)

$9,933

$13,531

$11,686

$14,206

$10,924

Operating Cash Beginning Balance

$513,979

$582,177

$595,865

$624,194

$635,537 205,831 $841,368

$841,368 (262,617) $578,750

$578,750

$588,683

$602,214

$613,901

$628,107

41 42 43

68,198

13,688

28,329

11,343

9,933

13,531

11,686

14,206

10,924

Annual Surplus / (Deficit)

Ending Balance

$582,177

$595,865

$624,194

$635,537

$588,683

$602,214

$613,901

$628,107

$639,031

33%

37%

37%

32%

45%

30%

30%

30%

30%

30%

30%

Cash Balance as % of O&M

44

Solid Waste Reserve Beginning Balance Operating Transfers

$905,006 271,556

$996,706 $1,529,733 $1,775,063 $1,464,063 $1,245,563 $1,462,791 $1,570,105 $1,822,955 $1,917,070 $2,026,655

45 46 47 48 49

550,203

503,956

7,500

7,500

511,228

257,314

272,851

294,115

309,585

330,133

0 0

0 0

0

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Grant Proceeds

(144,545) (114,081)

(25,000) (293,500)

Other Transfers In / (Out) Capital Expenditures

(179,856)

(17,176)

(226,000)

(294,000)

(150,000)

(20,000)

(200,000)

(200,000)

(200,000)

Ending Balance

50 $996,706 $1,529,733 $1,775,063 $1,464,063 $1,245,563 $1,462,791 $1,570,105 $1,822,955 $1,917,070 $2,026,655 $2,156,789

Prepared by PFM Financial Advisors LLC

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Date: 4/15/2020