FY 21-25 CIP

City of Spencer, Iowa Landfill Enterprise Fund

EXHIBIT 2

Growth Assumptions

Other O&M Expenses

6.00% 3.00% 0.50%

Salary Expense

Interest Rate - Cash Balances

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

OPERATING REVENUES Landfill Fees

$553,677 792,000 525,178

$412,093 675,061 617,316

$772,243 791,692 778,809

$425,000 582,615 794,385

$525,000 589,696 810,304

$478,289 848,371 826,679

$487,823 865,404 843,213

$497,595 882,712 860,077

$507,527 900,432 877,279

$517,696 918,427 894,824

$528,025 936,834 912,721

1 2 3

Contract Fees Shine Bros

Subtotal

4 $1,870,855 $1,704,471 $2,342,744 $1,802,000 $1,925,000 $2,153,339 $2,196,440 $2,240,384 $2,285,237 $2,330,947 $2,377,579

$659,403 20,176 20,000 22,452 (16,660)

$540,000 23,619 20,000 22,711 (37,059)

$540,000

$540,000

$510,000

$510,000

$510,000

$510,000

$510,000

$510,000

$510,000

Solid Waste Tipping Fees Regional Collection Center

5 6 7 8 9

6,428 20,000 21,552 31,669

15,000 20,000 21,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

8,000 20,000 20,000 3,100

Shine Bros DNR Farm Income Miscellaneous

Total Operating Revenues

10 $2,576,227 $2,273,742 $2,962,393 $2,401,100 $2,486,100 $2,714,439 $2,757,540 $2,801,484 $2,846,337 $2,892,047 $2,938,679 8.52% (11.74%) 30.29% (18.95%) 3.54% 9.18% 1.59% 1.59% 1.60% 1.61% 1.61%

OPERATING EXPENSES Salaries

$476,986 78,321 67,086 8,250 65,381 11,691 69,137 7,264 20,651 38,337 10,000 105,329 58,119

$436,851 36,872 78,195 15,471 48,140 4,557 68,547 8,634 166,436 50,046 20,000 105,999 74,603

$420,325 72,698 67,913 14,204 96,918 10,092 80,112 7,740 16,490 59,588 20,000 129,740 80,669

$480,083 45,861 70,750 12,300 153,500 8,405 95,000 15,000 138,870 55,969 20,000 125,000 90,000

$453,910 75,992 70,750 13,000 158,500 11,076 95,000 14,000 92,670 67,418 20,000 100,000 110,000

$467,527 80,552 74,995 13,780 168,010 11,076 100,700 14,840 98,230 71,463 20,000 100,000 110,000

$481,553 85,385 79,495 14,607 178,091 11,076 106,742 15,730 104,124 75,751 20,000 100,000 110,000

$496,000 90,508 84,264 15,483 188,776 11,076 113,147 16,674 110,371 80,296 20,000 100,000 110,000

$510,880 95,938 89,320 16,412 200,103 11,076 119,935 17,675 116,994 85,114 20,000 100,000 110,000

$526,206 101,694 94,679 17,397 212,109 11,076 127,131 18,735 124,013 90,220 20,000 100,000 110,000

$541,992 107,796 100,360 18,441 224,835 11,076 134,759 19,859 131,454 95,634 20,000 100,000 110,000

11 12 13 14 15 16 17 18 19 20 21 22 23

Payroll Taxes

Repairs and Maintenance

Utilities

Contract Services Insurance Premiums

Fuel

Supplies

Other Expenses

Regional Collection Center

Shine Bros DNR

Leachate Disposal Charge State Tipping Charges Total Operating Expense

24 $1,016,552 $1,114,352 $1,076,490 $1,310,738 $1,282,316 $1,331,173 $1,382,553 $1,436,595 $1,493,446 $1,553,262 $1,616,207

Net Operating Income

25 $1,559,674 $1,159,390 $1,885,904 $1,090,362 $1,203,784 $1,383,266 $1,374,987 $1,364,889 $1,352,891 $1,338,785 $1,322,472

61,631

97,189

131,096

41,350

58,300

45,620

51,730

51,451

55,782

59,949

59,929

Interest Income

26

Revenue Available for Debt Service

27 $1,621,305 $1,256,579 $2,017,000 $1,131,712 $1,262,084 $1,428,885 $1,426,717 $1,416,341 $1,408,673 $1,398,735 $1,382,401

Prepared by PFM Financial Advisors LLC

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Date: 4/15/2020