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

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

Landfill Debt Service Series 2004B Revenue Bonds

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0

28 29

Total Revenue Debt

Series 2008A G.O. Bonds

30

31,240 163,025 $194,265 $194,265

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Series 2009 G.O. SRF Bonds (Cell Close.) 31

158,775 $158,775 $158,775

Series 2010A G.O. Ref Bonds

32 33

Total G.O. Debt

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

$0 $0

Total Landfill Debt

34

Debt Service Coverage Net Revenues / Revenue Debt Net Revenues / All Debt Net Cashflow After Debt

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

35 36

8.35

7.91

37 $1,427,040 $1,097,804 $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

(39,920) (286,000) (88,561) (40,000) 0 (948,603) 27,484 $51,440 0

(775,112) (155,000) (100,390) (50,820) (104,902) 118,609 $30,189 0 0

(540,776)

(785,000)

(470,000)

0 (1,255,000)

(300,000)

(300,000)

(1,100,000)

(300,000)

Capital Expenditures Bond Call/Defeasance

38 39 40 41 42 43 44 45 46

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

Bond Proceeds

(123,303)

(159,728)

(187,983)

(206,781)

(227,459)

(250,205)

(275,226)

(302,749)

(333,023)

Group Insurance & Work. Comp. Solid Waste Transfer In / (Out) Operating Transfers In / (Out) Net Fund Transfers In / (Out) Other Cash Sources / (Uses)

(1,334,566)

386,314 (53,821) $519,477

(115,200) (10,000)

(2,262,975)

82,692

(839,114)

(805,022)

33,922

(717,906)

(16,823) $1,532

0

0

0

0

0

0

Annual Surplus / (Deficit)

$478,901 ($1,040,871)

$26,949

$27,021

$28,426

$29,908

$31,472

Operating Cash Beginning Balance

$623,660

$675,100

$705,289

$706,820 $1,226,297 $1,705,198

$664,328

$691,277

$718,298

$746,723

$776,631

47 48 49

51,440

30,189

1,532

519,477

478,901 (1,040,871)

26,949

27,021

28,426

29,908

31,472

Annual Surplus / (Deficit)

Ending Balance

$675,100

$705,289

$706,820 $1,226,297 $1,705,198

$664,328

$691,277

$718,298

$746,723

$776,631

$808,104

66%

63%

66%

94%

133%

50%

50%

50%

50%

50%

50%

Cash Balance as % of O&M

50

Prepared by PFM Financial Advisors LLC

Page 3 of 5

Date: 4/15/2020