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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2011 NOTE 12 - PROVISION FOR CLOSURE COSTS - Continued Required closure and post -closure sub -accounts: 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 Board'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 S- 10.016.236 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. 274 Capacity Estimated Used Closing Amount Closure Costs 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: $ 10,016,236 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 Board'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 S- 10.016.236 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. 274