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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 13 — POLLUTION REMEDIATION <br />In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution Remediation <br />Obligations, a consultant evaluated four 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 four sites requiring <br />the Board (using the consultant's services) to attempt to accrue a liability for pollution remediation. The <br />liability totaled $2,683,300 at September 30, 2014 for all four sites. The pollution remediation <br />obligation is an estimate and subject to changes resulting from price increases and reductions, <br />technology, and changes in applicable laws or regulations. There are no estimated recoveries that would <br />reduce the 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 $2,640,000 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 with <br />the FDEP. The amount of the estimated year end liability is $26,800 and will be paid from the <br />General Fund. <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 liability is <br />$5,000 and will be paid from the Impact Fees Fund. <br />Total governmental funds liability: $2,671,800 <br />Proprietary Funds: <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. The <br />amount of the estimated year end liability is $11,500 and will be paid from the County Utilities <br />Fund. <br />Total proprietary funds liability: $11.500 <br />277 <br />