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<br />conversations with the City. In each year thereafter, expenses were based upon the FY 2024 <br />projection and assumed cost escalation factors that were reviewed with City staff. <br />CAPITAL SPENDING <br />City staff provided project-level capital improvement projects and the most current vehicle and <br />equipment replacement program budgets. The total projected spending from FY 2024 – FY 2034 is <br />projected to be approximately $775,000 for capital improvement projects and $4.3 million for the <br />vehicle replacement program. The vehicle replacement program will cost the City approximately <br />$398,000 per year. <br />FUTURE HIRING <br />The City has outlined its future plans for contracting and staff recruitment. Specifically, the City aims <br />to enhance its services by bringing in contract maintenance staff to bolster sanitation services for <br />the community, allocating $1.1 million for this purpose. In addition, there is a plan to hire 7.0 full- <br />time equivalents (FTEs) in FY 2025, which includes the recruitment of four City maintenance workers <br />and three program administrative support and management employees, collectively representing an <br />investment of approximately $831,000. These strategic initiatives reflect the City's dedication to <br />elevating service quality and operational efficiency for the benefit of its residents. <br />PROPERTY & BILLING INFORMATION <br />Account and billing information for all residential and commercial units served by the City from 2019 <br />through 2023 was provided by City Staff. <br />ASSUMPTIONS <br />The following assumptions and policies were agreed upon by City staff and are reflected in the RSA <br />and included in the schedules in the Appendix. <br />REVENUE/COST ESCALATION <br />The escalation factors used for various types of operating assessments, revenues and expenses <br />were based upon historical trends, our industry experience, and discussions with City staff. <br />INTEREST EARNINGS ON INVESTED FUNDS <br />The Study assumes interest rate earnings of 0.80% in each year of the projection period, based upon <br />staff input and recent actual earnings for the City’s funds. <br />CUSTOMER & BILLED PARCEL GROWTH <br />Projected growth in billed accounts of 0.25% in each year of the projection period was based upon <br />an analysis of billed units and City input. <br />8