FY 2020-2024 Capital Improvement Plan

City of Spencer, Iowa Landfill Enterprise Fund

EXHIBIT 2

Growth Assumptions

Other O&M Expenses

6.00% 3.00% 0.85%

Salary Expense

Interest Rate - Cash Balances

Unaudited Projected FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 Audited Financial Statements Budget Projected Projected Projected Projected

OPERATING REVENUES Landfill Fees

$442,384 682,295 467,518

$405,448 788,161 499,601

$553,677 792,000 525,178

$412,093 675,061 617,316

$425,000 720,337 629,663

$437,213 716,096 642,256

$450,323 737,533 655,127

$463,829 759,658 668,366

$477,733 782,469 681,733

$492,034 805,968 695,368

1 2 3

Contract Fees Shine Bros

Subtotal

4 $1,592,197 $1,693,210 $1,870,855 $1,704,471 $1,775,000 $1,795,565 $1,842,983 $1,891,853 $1,941,936 $1,993,370

$634,684

$614,337

$659,403

$540,000

$540,000

$540,000

$540,000

$540,000

$540,000

$540,000

Solid Waste Tipping Fees Regional Collection Center

5 6 7 8 9

49,092 20,000 26,330 31,744

15,533 20,000 22,502 8,479

20,176 20,000 22,452

23,619 20,000 22,711 5,808

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

9,000 20,000 21,000 3,500

Shine Bros DNR Farm Income Miscellaneous

(16,660)

Total Operating Revenues

10 $2,354,047 $2,374,062 $2,576,227 $2,316,609 $2,368,500 $2,389,065 $2,436,483 $2,485,353 $2,535,436 $2,586,870 17.87% 0.85% 8.52% (10.08%) 2.24% 0.87% 1.98% 2.01% 2.02% 2.03%

OPERATING EXPENSES Salaries

$352,594

$376,905 59,031 105,108

$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

$462,811 79,307 70,500 9,300 100,000 12,348 95,000 15,000 172,550 50,228 20,000 100,000 80,000

$476,695 84,065 74,730 9,858 106,000 35,000 100,700 15,900 182,903 53,242 20,000 100,000 80,000

$490,996 89,109 79,214 10,449 112,360 35,000 106,742 16,854 193,877 56,436 20,000 100,000 80,000

$505,726 94,456 83,967 11,076 119,102 35,000 113,147 17,865 205,510 59,822 20,000 100,000 80,000

$520,898 100,123 89,005 11,741 126,248 35,000 119,935 18,937 217,840 63,412 20,000 100,000 80,000

$536,525 106,131 94,345 12,445 133,823 35,000 127,131 20,073 230,911 67,216 20,000 100,000 80,000

11 12 13 14 15 16 17 18 19 20 21 22 23 24

56,015 59,705 9,018 50,908 14,292 79,841 12,403 24,487 20,000 0

Payroll Taxes

Repairs and Maintenance

6,847 52,671 15,000 59,151 9,509 27,527 41,443 20,000 10,011 91,219

Utilities

Contract Services Insurance Premiums

Fuel

Supplies

Other Expenses

Regional Collection Center

Shine Bros DNR

0

Leachate Disposal Charge State Tipping Charges Total Operating Expense

72,383

$751,646

$874,422 $1,016,552 $1,114,352 $1,267,044 $1,339,093 $1,391,038 $1,445,671 $1,503,139 $1,563,600

Net Operating Income

25 $1,602,401 $1,499,640 $1,559,674 $1,202,257 $1,101,456 $1,049,971 $1,045,445 $1,039,682 $1,032,296 $1,023,270

40,234

50,105

61,631

74,478

34,100

64,919

66,100

70,876

78,523

75,357

Interest Income

26

Revenue Available for Debt Service

27 $1,642,634 $1,549,745 $1,621,305 $1,276,735 $1,135,556 $1,114,891 $1,111,545 $1,110,558 $1,110,820 $1,098,627

Prepared by PFM Financial Advisors LLC

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Date: 12/21/2018