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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 15 — POLLUTION REMEDIATION <br />In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution <br />Remediation Obligations, a consultant evaluated four sites to assess pollution remediation liabilities. <br />The consultant calculated for each site an expected value (EV) estimate for pollution remediation based <br />on three plausible mitigation scenarios. An obligating event occurred at each of the following four sites <br />requiring the County (using the consultant's services) to attempt to accrue a liability for pollution <br />remediation. The liability totaled $2,683,300 at September 30, 2014 for all four sites. The pollution <br />remediation obligation is an estimate and subject to changes resulting from price increases and <br />reductions, technology, and changes in applicable laws or regulations. There are no estimated <br />recoveries that would reduce the liability. <br />Governmental Activities: <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 $2,640,000 and will be paid from the Optional Sales Tax Fund. <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 $26,800 and will be paid from <br />the General Fund. <br />3) Cattle dip site — The nature of the pollution remediation obligation is arsenic contamination. <br />The consultant will conduct monitoring and assessment. The amount of the estimated year end <br />liability is $5,000 and will be paid from the Impact Fees Fund. <br />Total Governmental Activities liability: $2.671.800 <br />Business -type Activities: <br />4) North County Reverse Osmosis plant — The nature of the pollution remediation obligation is <br />groundwater inorganic contamination. The consultant will conduct monitoring and assessment. <br />The amount of the estimated year end liability is $11,500 and will be paid from the County <br />Utilities Fund. <br />Total Business -type Activities liability: $11.500 <br />87 <br />