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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2011 NOTE 14 - PROVISION FOR CLOSURE COSTS — Continued Required closure and post -closure sub -accounts: Capacity Estimated Used Closing ('lncnrP Crwtc Amount Class I - Segments I and II 56% 2030 $ 6,501,947 Construction and Demolition - Cell I 89% 2017 1,101,366 Post -closure Costs Class I - Segments I and II N/A N/A 2,238,435 Construction and Demolition - Cell I N/A N/A 174,488 Total account balance at 9/30/11: $ 10,016236 All amounts recognized are based on what it would cost to perform all closure and post -closure functions in current dollars. Actual costs may be different due to inflation, deflation, changes in technology, or changes in laws and regulations. The SWDD is required by FDEP to annually show proof of ability to finance closure and post -closure costs. The SWDD is making annual deposits to a closure and post -closure cost escrow account to provide for the financing of future closure -related expenses. At September 30, 2011, $9,960,868 was on deposit at the Florida Local Government Investment Trust and $55,368 was on deposit in the County's Operating account. A summary of changes in the landfill closure liability account is as follows: Balance Balance 10/01/10 Deposits Withdrawals 09/30/11 Closure and long-term care costs9.518.736 $497,500 $ - R0,016.236 Of the $10,016,236 liability for closure and long-term care costs, management estimates that no funds will be due and payable within one year. NOTE 15 — POLLUTION REMEDIATION In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution Remediation Obligations, a consultant evaluated six sites to assess pollution remediation liabilities. The consultant calculated for each site an expected value (EV) estimate for pollution remediation based on three plausible mitigation scenarios. An obligating event occurred at each of the following six sites requiring the County (using the consultant's services) to attempt to accrue a liability for pollution remediation. The liability totaled $2,634,200 at September 30, 2011 for all six sites. The pollution remediation obligation is an estimate and subject to changes resulting from price increases and reductions, technology, and changes in applicable laws or regulations. There are no estimated recoveries that would reduce the liability.