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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <br /> NOTE 13 -PROVISION FOR CLOSURE COSTS <br /> Current regulations of the U.S. Environmental Protection Agency (EPA) and the Florida Department of <br /> Environmental Protection (FDEP) require the Solid Waste Disposal District (SWDD) to place a final <br /> cover on closed landfill areas, and to maintain those areas for up to thirty years after closure. The <br /> SWDD annually obtains updated and revised estimates of total future closure and post-closure costs <br /> from its consulting engineers. The SWDD recognizes the expenses associated with the final closure and <br /> post-closure maintenance of the landfill areas over the active life of those areas. The provision for <br /> closure costs reported in the financial statements as operating expense represents the portion of these <br /> estimated future outlays which are allocable to the current year based on the amount of capacity used. <br /> The total unrecognized closure and post-closure costs are approximately $2.8 million. These costs will <br /> be recognized in future periods as the remaining capacity is filled. The County's policy is to fund 100% <br /> of the current year's allocation (based upon the consulting engineers' report) of both closure and post- <br /> closure care. <br /> Required closure and post-closure sub-accounts: <br /> Capacity Estimated <br /> Used Closing Amount <br /> Closure Costs <br /> Class I - Segments I and II 68% 2026 $ 7,701,947 <br /> Construction and Demolition- <br /> Cell I 90% 2027 1,174,866 <br /> Post-closure Costs <br /> Class I - Segments I and II N/A N/A 2,938,435 <br /> Construction and Demolition- <br /> Cell I N/A N/A 1.94,488 <br /> Total account balance at 9/30/1.5: $ 12,009,736 <br /> All amounts recognized are based on what it would cost to perform all closure and post-closure <br /> functions in current dollars. Actual costs may be different due to inflation, deflation, changes in <br /> technology, or changes in laws and regulations. The SWDD is required by FDEP to annually show <br /> proof of ability to finance closure and post-closure costs. The SWDD is making annual deposits to a <br /> closure and post-closure cost escrow account to provide for the financing of future closure-related <br /> expenses. At September 30, 2015, $11,984,722 was on deposit at the Florida Local Government <br /> Investment Trust and $25,014 was on deposit in the County's Operating account. <br /> 90 <br />