City of Spencer, Iowa
EXHIBIT 1
Landfill Enterprise Fund Audited Financial Statements FY 2013-14 FY 2014-15 FY 2015-16
Budget FY 2016-17
Budget FY 2017-18
Projected FY 2018-19
Projected FY 2019-20
Projected FY 2020-21
Projected FY 2021-22
Projected FY 2022-23
Northern Plains Tonnage Fees 2 3
7-1-2013 3.51% $46.29
7-1-2014 2.01% $47.22
7-1-2015 1.99% $48.16
7-1-2016 1.99% $49.12
7-1-2017 3.00% $50.59
7-1-2018 3.00% $52.11
7-1-2019 3.00% $53.67
7-1-2020 3.00% $55.28
7-1-2021 3.00% $56.94
7-1-2022 3.00% $58.65
Shamrock Recycling $$ per Base Level of Tons $$ over Base Level of Tons
4 5
$46.29 $46.29
$47.22 $47.22
$48.16 $48.16
$49.12 $49.12
$50.59 $50.59
$52.11 $52.11
$53.67 $53.67
$55.28 $55.28
$56.94 $56.94
$58.65 $58.65
Shine's Wire Insulation Fluff Effective Date Tipping Fee Rate % Growth Tipping Fee Rate
6 7 8
1-1-2014 3.00% $14.42
8-26-2014 0.55% $14.50
8-26-2015 2.00% $14.79
8-26-2016 2.00% $15.09
8-26-2017 2.00% $15.39
8-26-2018 2.00% $15.70
8-26-2019 2.00% $16.01
8-26-2020 2.00% $16.33
8/26/2021 2.02% $16.66
8/26/2022 2.00% $16.99
Shine's Industrial Shredder Fluff Effective Date Tipping Fee Rate % Growth Tipping Fee Rate
9 10 11
8-26-2013 1.96% $13.00
8-26-2014 11.54% $14.50
8-26-2015 2.00% $14.79
8-26-2016 2.00% $15.09
8-26-2017 2.00% $15.39
8-26-2018 2.00% $15.70
8-26-2019 2.00% $16.01
8-26-2020 2.00% $16.33
8-26-2021 2.02% $16.66
8-26-2022 2.00% $16.99
Effective Date Tipping Fee Rate % Growth Current Tipping Fee Rate
1
Tons of Solid Waste City of Bode Tonnage City of Whittemore Tonnage Other Tonnage Landfill Fees Tonnage Subtotal
12 13 14 15
93.17 231.36 7,404.49 7,729.02
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
89.57 228.93 8,248.27 8,566.77
Emmet County Tonnage Palo Alto County Tonnage Pocahontas County Tonnage
16 17 18
5,374.15 4,280.60 2,836.37
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
6,841.22 4,467.60 2,784.98
Shine Wire Insulation Fluff Tonnage Shine Industrial Shredder Tonnage Shine Bros Tonnage Subtotal
19 20 21
5,853.17 14,531.46 20,384.63
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
6,105.75 26,136.89 32,242.64
City of Spencer Tonnage
22
10,854.72
12,207.10
12,207.10
12,207.10
12,207.10
12,207.10
12,207.10
12,207.10
12,207.10
12,207.10
Total Tonnage per Fiscal Year Tonnage Growth %
23 24
51,459.49 -6.37%
67,110.31 30.41%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
67,110.31 0.00%
Operating Revenues Landfill Fees Contract Fees Emmet County Palo Alto County Pocahontas County Shamrock Recycling Shine Bros Subtotal City of Spencer Tipping Fees Total Operational Revenues
Prepared By PFM Financial Advisors LLC
25 26 27 28 29 30 31 32 33 34
$425,007 15,491 292,288 214,456 145,253 0 261,136 $1,353,631 554,045 $1,907,676
$442,384 15,835 298,772 219,214 148,475 0 467,518 $1,592,197 634,684 $2,226,881
$405,448 18,819 355,084 260,531 176,459 0 476,869 $1,693,210 614,337 $2,307,547
$400,000 13,080 246,793 181,076 122,644 0 486,406 $1,450,000 576,296 $2,026,296
Page 1 of 1
$400,000 13,341 251,729 184,698 125,097 0 496,134 $1,471,000 540,000 $2,011,000
$424,312 13,341 261,745 192,107 130,114 0 506,057 $1,527,677 540,000 $2,067,677
$437,077 13,341 269,612 197,870 134,013 0 516,178 $1,568,092 540,000 $2,108,092
$450,184 13,341 277,685 203,812 138,024 0 526,522 $1,609,568 540,000 $2,149,568
$463,719 13,341 286,031 209,933 142,173 0 537,162 $1,652,360 540,000 $2,192,360
$477,597 13,341 294,583 216,232 146,434 0 547,906 $1,696,094 540,000 $2,236,094
Date: 4/11/2017
City of Spencer, Iowa
EXHIBIT 2
Landfill Enterprise Fund Growth Assumptions Other O&M Expenses Salary Expense Interest Rate - Cash Balances
6.00% 3.00% 0.85% Audited Financial Statements FY 2013-14 FY 2014-15 FY 2015-16
OPERATING REVENUES Landfill Fees Contract Fees Emmet County Palo Alto County Pocahontas Co. Shamrock Recycling Shine Bros Subtotal Solid Waste Tipping Fees Regional Collection Center Shine Bros DNR Farm Income Miscellaneous Total Operating Revenues OPERATING EXPENSES Salaries Payroll Taxes Repairs and Maintenance Utilities Contract Services Insurance Premiums Gas & Oil Supplies Other Expenses Regional Collection Center Shine Bros DNR Leachate Disposal Charge State Tipping Charges Total Operating Expense Net Operating Income Interest Income Revenue Available for Debt Service
Prepared by PFM Financial Advisors LLC
1 2 3 4 5 6 7 8 9 10 11 12 13 14
15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Budget FY 2016-17
Budget FY 2017-18
Projected FY 2018-19
Projected FY 2019-20
Projected FY 2020-21
Projected FY 2021-22
Projected FY 2022-23
$425,007 15,491 292,288 214,456 145,253 0 261,136 $1,353,631
$442,384 15,835 298,772 219,214 148,475 0 467,518 $1,592,197
$405,448 18,819 355,084 260,531 176,459 0 476,869 $1,693,210
$400,000 13,080 246,793 181,076 122,644 0 486,406 $1,450,000
$400,000 13,341 251,729 184,698 125,097 0 496,134 $1,471,000
$424,312 13,341 261,745 192,107 130,114 0 506,057 $1,527,677
$437,077 13,341 269,612 197,870 134,013 0 516,178 $1,568,092
$450,184 13,341 277,685 203,812 138,024 0 526,522 $1,609,568
$463,719 13,341 286,031 209,933 142,173 0 537,162 $1,652,360
$477,597 13,341 294,583 216,232 146,434 0 547,906 $1,696,094
$554,045 17,760 20,000 30,830 20,857 $1,997,122 2.82%
$634,684 49,092 20,000 26,330 31,744 $2,354,047 17.87%
$614,337 15,533 20,000 22,502 8,479 $2,374,062 0.85%
$576,296 17,000 20,000 22,000 5,000 $2,090,296 (11.95%)
$540,000 16,000 20,000 21,000 5,000 $2,073,000 (0.83%)
$540,000 16,000 20,000 21,000 5,000 $2,129,677 2.73%
$540,000 16,000 20,000 21,000 5,000 $2,170,092 1.90%
$540,000 16,000 20,000 21,000 5,000 $2,211,568 1.91%
$540,000 16,000 20,000 21,000 5,000 $2,254,360 1.93%
$540,000 16,000 20,000 21,000 5,000 $2,298,094 1.94%
$310,468 49,859 43,785 5,724 61,081 24,542 89,910 14,900 0 36,186 20,000 0 65,923 $722,379
$352,594 56,015 59,705 9,018 50,908 14,292 79,841 12,403 0 24,487 20,000 0 72,383 $751,646
$376,905 59,031 105,108 6,847 52,671 15,000 59,151 9,509 27,527 41,443 20,000 10,011 91,219 $874,422
$424,388 70,319 64,500 8,560 85,000 11,691 98,000 1,400 71,520 49,354 20,000 40,000 80,000 $1,024,732
$447,094 74,269 70,500 9,100 103,000 4,557 95,000 14,500 121,905 49,632 20,000 50,000 80,000 $1,139,557
$460,507 78,725 74,730 9,646 109,180 10,000 100,700 15,370 129,219 52,610 20,000 50,000 80,000 $1,190,687
$474,322 83,449 79,214 10,225 115,731 35,000 106,742 16,292 136,972 55,767 20,000 50,000 80,000 $1,263,713
$488,552 88,456 83,967 10,838 122,675 35,000 113,147 17,270 145,191 59,113 20,000 50,000 80,000 $1,314,206
$503,208 93,763 89,005 11,489 130,035 35,000 119,935 18,306 153,902 62,659 20,000 50,000 80,000 $1,367,302
$518,304 99,389 94,345 12,178 137,837 35,000 127,131 19,404 163,136 66,419 20,000 50,000 80,000 $1,423,144
$1,274,744 40,644 $1,315,387
$1,602,401 40,234 $1,642,634
$1,499,640 50,105 $1,549,745
$1,065,564 22,900 $1,088,464
$933,443 25,200 $958,643
$938,989 48,562 $987,552
$906,379 53,071 $959,450
$897,362 57,300 $954,662
$887,058 62,142 $949,200
$874,950 68,597 $943,546
Page 1 of 4
Date: 4/11/2017
City of Spencer, Iowa
EXHIBIT 2
Landfill Enterprise Fund Growth Assumptions Other O&M Expenses Salary Expense Interest Rate - Cash Balances
6.00% 3.00% 0.85% Audited Financial Statements FY 2013-14 FY 2014-15 FY 2015-16
Budget FY 2016-17
Budget FY 2017-18
Projected FY 2018-19
Projected FY 2019-20
Projected FY 2020-21
Projected FY 2021-22
Projected FY 2022-23
Revenue Available for Debt Service
31
$1,315,387
$1,642,634
$1,549,745
$1,088,464
$958,643
$987,552
$959,450
$954,662
$949,200
$943,546
Landfill Debt Service Series 2004B Revenue Bonds Total Revenue Debt
32
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 180,570 31,500 159,088 $371,158
$0 180,200 30,870 161,188 $372,258
$0 0 31,240 163,025 $194,265
$0 0 0 158,775 $158,775
$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
$371,158
$372,258
$194,265
$158,775
$0
$0
$0
$0
$0
33
Series 2006A G.O. Bonds Series 2008A G.O. Bonds Series 2009 G.O. SRF Bonds (Cell Close.) Series 2010A G.O. Ref Bonds Total G.O. Debt
34
38
$0 180,270 31,100 156,688 $368,058
Total Landfill Debt
39
$368,058
Debt Service Coverage Net Revenues / Revenue Debt Net Revenues / All Debt
40
Net Cashflow After Debt Capital Expenditures Bond Call/Defeasance Bond Proceeds Group Insurance & Work. Comp. Operating Transfers In / (Out) Net Fund Transfers In / (Out) Other Cash Sources / (Uses) Annual Surplus / (Deficit) Operating Cash Beginning Balance Annual Surplus / (Deficit) Ending Balance Cash Balance as % of O&M
Prepared by PFM Financial Advisors LLC
35 36 37
41
n/a 3.57
n/a 4.43
n/a 4.16
n/a 5.60
n/a 6.04
n/a n/a
n/a n/a
n/a n/a
n/a n/a
n/a n/a
$947,330 (680,755) 0 0 (95,013) 0 (62,807) (3,481) $105,274
$1,271,477 (30,997) 0 0 (69,480) 0 (1,032,897) (4,999) $133,104
$1,177,488 0 (345,000) 0 (86,871) 0 (560,310) (75,716) $109,591
$894,199 (145,000) (286,000) 0 (88,561) (140,000) (162,772) (5,156) $66,710
$799,868 (936,000) (155,000) 0 (100,390) (45,000) 276,584 (5,156) ($165,094)
$987,552 (290,000) 0 0 (110,429) (56,677) (458,581) 0 $71,865
$959,450 (300,000) 0 0 (121,472) (40,415) (462,153) 0 $35,410
$954,662 (210,000) 0 0 (133,619) (41,476) (545,754) 0 $23,813
$949,200 0 0 0 (146,981) (42,792) (735,066) 0 $24,361
$943,546 (350,000) 0 0 (161,679) (43,733) (360,987) 0 $27,147
53
$275,691 105,274 $380,964
$380,964 133,104 $514,068
$514,068 109,591 $623,660
$623,660 66,710 $690,369
$690,369 (165,094) $525,275
$525,275 71,865 $597,140
$597,140 35,410 $632,550
$632,550 23,813 $656,362
$656,362 24,361 $680,723
$680,723 27,147 $707,870
54
53%
68%
71%
67%
46%
50%
50%
50%
50%
50%
42 43 44 45 46 47 48 49 50
51 52
Page 2 of 4
Date: 4/11/2017
City of Spencer, Iowa
EXHIBIT 2
Landfill Enterprise Fund Growth Assumptions Other O&M Expenses Salary Expense Interest Rate - Cash Balances
6.00% 3.00% 0.85% Audited Financial Statements FY 2013-14 FY 2014-15 FY 2015-16
Net Fund Transfers From Operating Cash 55 +/(-) Debt Service Reserve Fund 56 +/(-) Debt Service Sinking Fund 57 +/(-) Post Closure Fund 58 +/(-) Closure Fund 59 +/(-) Improvement/Equipment Fund 60 +/(-) Cell Construction Fund 61 +/(-) Recycling Reserve 62 +/(-) Regional Collection Center 63 +/(-) Environmental Management Fund 64 +/(-) Planning Reserve Total Fund Transfers In / (Out) 65 Designated & Restricted Cash Debt Service Reserve Fund Debt Service Sinking Fund Post Closure Fund Closure Fund Improvement/Equipment Fund Cell Construction Fund Recycling Reserve Regional Collection Center Environmental Management Fund Local Planning Reserve Total Restricted Cash Total Cash Balance
$0 0 (28,666) (87,058) (491,268) 597,708 (7,598) (98) (29,112) (16,714) ($62,807)
($350,000) 0 (35,860) (93,030) (150,233) (249,533) (34,377) (15,825) (85,742) (18,296) ($1,032,897)
$31,575 0 (251,888) (6,614) (158,457) (133,702) (19,867) 25,697 (36,508) (10,545) ($560,310)
$163,425 0 (49,027) (110,109) (11,762) (130,000) (7,361) (1,000) (13,754) (3,184) ($162,772)
Budget FY 2017-18 $155,000 0 (53,283) (111,234) (304,500) 565,000 (7,361) 0 36,146 (3,184) $276,584
Projected FY 2018-19 $0 0 (45,736) (108,179) (78,175) (130,800) (38,358) (134) (38,454) (18,747) ($458,581)
Projected FY 2019-20 $0 0 (46,124) (109,099) (78,839) (131,912) (38,684) (135) (38,454) (18,906) ($462,153)
Projected FY 2020-21 $0 0 (46,516) (110,026) (159,509) (133,033) (39,013) (136) (38,454) (19,067) ($545,754)
Projected FY 2021-22 $0 0 (46,912) (110,961) (345,865) (134,164) (39,344) (137) (38,454) (19,229) ($735,066)
Projected FY 2022-23 $0 0 (47,310) (111,904) 31,195 (135,304) (39,679) (138) (38,454) (19,392) ($360,987)
76
$0 0 1,461,179 641,272 924,989 322,336 136,539 24,584 78,410 119,230 $3,708,540
$350,000 0 1,497,040 734,302 1,075,222 571,869 170,917 40,410 164,152 137,526 $4,741,437
$318,425 0 1,748,928 740,916 1,233,679 705,571 190,784 14,713 200,660 148,071 $5,301,747
$155,000 0 1,797,955 851,025 1,245,441 835,571 198,145 15,713 214,415 151,255 $5,464,519
$0 0 1,851,238 962,259 1,549,941 270,571 205,506 15,713 178,269 154,439 $5,187,935
$0 0 1,896,973 1,070,438 1,628,116 401,371 243,864 15,846 216,723 173,185 $5,646,517
$0 0 1,943,097 1,179,537 1,706,955 533,283 282,548 15,981 255,178 192,091 $6,108,669
$0 0 1,989,614 1,289,563 1,866,464 666,315 321,560 16,117 293,632 211,158 $6,654,423
$0 0 2,036,525 1,400,524 2,212,329 800,479 360,905 16,254 332,087 230,386 $7,389,489
$0 0 2,083,836 1,512,429 2,181,134 935,783 400,583 16,392 370,541 249,779 $7,750,477
77
$4,089,505
$5,255,505
$5,925,406
$6,154,888
$5,713,210
$6,243,656
$6,741,219
$7,310,786
$8,070,212
$8,458,346
$152,262 $43,027 $107,109 $128,500
$300,000 $45,283 $107,234 $128,500
$65,000 $30,000 $100,000 $128,500
$65,000 $30,000 $100,000 $128,500
$205,000 $30,000 $100,000 $128,500
$330,000 $30,000 $100,000 $128,500
$300,000 $30,000 $100,000 $128,500
66 67 68 69 70 71 72 73 74 75
Deposit to Equipment Fund Deposit to Post Closure Fund Deposit to Closure Fund Deposit to Cell Constr. Fund
Prepared by PFM Financial Advisors LLC
Budget FY 2016-17
Page 3 of 4
Date: 4/11/2017
City of Spencer, Iowa
EXHIBIT 2
Landfill Enterprise Fund Growth Assumptions Other O&M Expenses Salary Expense Interest Rate - Cash Balances
6.00% 3.00% 0.85% Audited Financial Statements FY 2013-14 FY 2014-15 FY 2015-16
Landfill Operating Capital Outlays New Cell Development - Expenditure Equipment Storage Bldg Leachate Pond Expansion Fencing at Landfill Public Works Vehicles Permitting Exp. Area AL JON Refurbish Track Loader Replacement Concrete Drive Semi Tractor Shop Addition Total Capital Expenditures
Prepared by PFM Financial Advisors LLC
Budget FY 2016-17
Budget FY 2017-18
Projected FY 2018-19
Projected FY 2019-20
Projected FY 2020-21
Projected FY 2021-22
Projected FY 2022-23
FY 2016-17
FY 2017-18
FY 2018-19
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
$0 0 0 60,000 0 0 0 0 0 0 150,000 $210,000
$0 0 0 0 0 0 0 0 0 0 0 $0
$0 0 0 0 0 0 350,000 0 0 0 0 $350,000
$0 0 85,000 60,000 0 0 0 0 0 0 0 $145,000
Page 4 of 4
$695,000 0 121,000 0 60,000 60,000 0 0 0 0 0 $936,000
$0 150,000 0 0 0 0 0 0 100,000 40,000 0 $290,000
$0 0 0 0 0 0 0 300,000 0 0 0 $300,000
Date: 4/11/2017
