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

Landfill Operating Capital Outlays FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 New Cell Development - Expenditure $0 $730,000 $0 $0 $760,000 $0 Equipment Storage Bldg 150,000 0 0 0 0 0 Portable Hoop Storage Bldg 0 25,000 0 0 0 0 Vehicle Replacement 0 30,000 0 0 0 0 Fencing at Landfill 0 0 60,000 0 75,000 0 Public Works Vehicles 0 0 0 0 0 0 Leachate Tanker 0 0 95,000 0 0 0 AL JON Refurbish 0 0 0 0 420,000 0 Track Loader Replacement 0 0 0 0 0 Scale concrete 100,000 0 0 0 0 0 Semi Tractor 125,000 0 0 0 0 0 Shop Addition 0 0 200,000 0 0 0 Total Capital Expenditures $375,000 $785,000 $355,000 $0 $1,255,000 $0

Prepared by PFM Financial Advisors LLC

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Date: 12/21/2018