FY 21-25 CIP

City of Spencer, Iowa Landfill Enterprise Fund

EXHIBIT 1

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

Northern Plains Tonnage Fees Effective Date Tipping Fee Rate % Growth Current Tipping Fee Rate Shamrock Recycling $$ per Base Level of Tons $$ over Base Level of Tons Shine's Wire Insulation Fluff Effective Date Tipping Fee Rate % Growth Shine's Industrial Shredder Fluff Effective Date Tipping Fee Rate % Growth Tipping Fee Rate

7-1-2016

7-1-2017

7-1-2018

7-1-2019

1 2 3

1.99% 2.99% 3.00% 2.99%

2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

$49.12

$50.59

$52.11

$53.67

$54.74

$55.84

$56.96

$58.09

$59.26

$60.44

$61.65

$49.12 $49.12

$50.59 $50.59

$52.11 $52.11

$53.67 $53.67

$54.74 $54.74

$55.84 $55.84

$56.96 $56.96

$58.09 $58.09

$59.26 $59.26

$60.44 $60.44

$61.65 $61.65

4 5

6 8-26-2016 8-26-2017 8-26-2018 8-26-2019 8-26-2020

8/26/2021

2.00% 2.00% 2.00% 2.00% 2.00% 2.02%

2.00% 2.00% 2.00% 2.00% 2.00%

7 8

$15.09

$15.39

$15.70

$16.01

$16.33

$16.66

$16.99

$17.33

$17.68

$18.03

$18.39

9 8-26-2016 8-26-2017 8-26-2018 8-26-2019 8-26-2020 8-26-2021 2.00% 2.00% 2.00% 2.00% 2.00% 2.02%

2.00% 2.00% 2.00% 2.00% 2.00%

10 11

Tipping Fee Rate

$15.09

$15.39

$15.70

$16.01

$16.33

$16.66

$16.99

$17.33

$17.68

$18.03

$18.39

Tons of Solid Waste City of Bode Tonnage

82.44 235.37

0.00 0.00

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

78.75 213.07

12 13 14 15 16 17 18 19 20 21

City of Whittemore Tonnage

Other Tonnage

10,298.39 10,616.20 6,241.46 4,639.38 3,084.08 4,403.04 30,409.71 34,812.75 12,230.27 71,624.14

7,945.00 7,945.00 6,143.00 4,570.00 3,029.00 6,230.00 33,888.00 40,118.00 11,353.00 73,158.00

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

13,453.39 13,745.21 5,904.90 4,649.13 3,182.54 8,945.06 40,675.54 49,620.60 13,298.10 90,400.48

Landfill Fees Tonnage Subtotal

Emmet County Tonnage Palo Alto County Tonnage Pocahontas County Tonnage

Shine Wire Insulation Fluff Tonnage Shine Industrial Shredder Tonnage Shine Bros Tonnage Subtotal

City of Spencer Tonnage

22

Total Tonnage per Fiscal Year

23

Tonnage Growth %

24 5.47% 2.14% 23.57% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% TRUE TRUE TRUE

Ave Tipping Fee $$ per Tonnage Contract Fees Shine Bros (Contract Fees)

$56.71 $15.09 $52.15 $53.92

$49.12 $15.39 $51.87 $47.56

$57.63 $15.70 $56.18 $40.61

$59.36 $16.01 $57.86 $40.61

$60.55 $16.33 $59.02 $40.61

$61.76 $16.66 $60.20 $40.61

$63.00 $16.99 $61.40 $40.61

$64.26 $17.33 $62.63 $40.61

$65.55 $17.68 $63.88 $40.61

$66.86 $18.03 $65.16 $40.61

$68.20 $18.39 $66.46 $40.61

25 26 27 28

Landfill Fees

City of Spencer Tipping Fees

Operating Revenues Contract Fees Shine Bros (Contract Fees) Subtotal Contract Fees City of Spencer Tipping Fees Total Operational Revenues Landfill Fees

$792,000 525,178 553,677 659,403

$675,061 617,316 412,093 540,000

$791,692 778,809 772,243 540,000

$582,615 794,385 425,000 540,000

$589,696 810,304 525,000 510,000

$848,371 826,679 478,289 510,000

$865,404 843,213 487,823 510,000

$882,712 860,077 497,595 510,000

$900,432 877,279 507,527 510,000

$918,427 894,824 517,696 510,000

$936,834 912,721 528,025 510,000

29 30

31 $1,317,178 $1,292,377 $1,570,501 $1,377,000 $1,400,000 $1,675,050 $1,708,617 $1,742,789 $1,777,711 $1,813,251 $1,849,555

29 32

33 $2,530,258 $2,244,471 $2,882,744 $2,342,000 $2,435,000 $2,663,339 $2,706,440 $2,750,384 $2,795,237 $2,840,947 $2,887,579

Prepared By PFM Financial Advisors LLC

Page 1 of 5

Date: 4/15/2020