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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 11 - 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 $2.9 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 <br />Amount <br />Closure Costs <br />Class I - Segments I and II 33% 2020 $ 9,301,947 <br />Construction and Demolition - <br />Cell I 91% 2026 1,174,866 <br />Post -closure Costs <br />Class I - Segments I and II N/A N/A <br />Construction and Demolition - <br />Cell I N/A N/A <br />Total account balance at 9/30/16: <br />2,338,435 <br />194,488 <br />13,009,736 <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, 2016, $12,467,718 was on deposit at the Florida Local Government <br />Investment Trust and $542,018 was on deposit in the County's Operating account. <br />82 <br />