Laserfiche WebLink
Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 13 — POLLUTION REMEDIATION <br />In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution Remediation <br />Obligations, a consultant evaluated six sites to assess pollution remediation liabilities. The consultant <br />calculated for each site an expected value (EV) estimate for pollution remediation based on three <br />plausible mitigation scenarios. An obligating event occurred at each of the following six sites requiring <br />the Board (using the consultant's services) to attempt to accrue a liability for pollution remediation. The <br />liability totaled $2,634,200 at September 30, 2011 for all six sites. The pollution remediation obligation <br />is an estimate and subject to changes resulting from price increases and reductions, technology, and <br />changes in applicable laws or regulations. There are no estimated recoveries that would reduce the <br />liability. <br />Governmental Funds: <br />1) South Gifford Road closed landfill — The nature of the pollution remediation obligation is <br />chlorinated solvent contamination. The consultant will conduct monitoring, bioremediation and <br />reporting with the Florida Department of Environmental Protection (FDEP). The amount of the <br />estimated year end liability is $2,450,000. <br />2) Old Administration Building — The nature of the pollution remediation obligation is closed <br />underground storage tank contamination. The consultant will conduct monitoring and reporting <br />with the FDEP. The amount of the estimated year end liability is $38,900. <br />3) Cattle dip site — The nature of the pollution remediation obligation is arsenic contamination. The <br />consultant will conduct monitoring and assessment. The amount of the estimated year end <br />liability is $75,300. <br />4) Former Cumberland Farms — The nature of the pollution remediation obligation is closed <br />underground storage tank petroleum contamination. The consultant will conduct the well <br />abandonment and obtain the final No Further Action Notice. The amount of the estimated year <br />end liability is $5,000. <br />Total governmental funds liability: 2 569 200 <br />275 <br />