Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 11- PROVISION FOR CLOSURE COSTS - Continued <br />A summary of changes in the landfill closure liability account is as follows: <br />Balance Balance <br />10/1/2015 Deposits Withdrawals 09/30/16 <br />Closure and long-term care costs $ 12,009,736 $ 1,000,000 $ - $ 13,009,736 <br />Of the $13,009,736 liability for closure and long-term care costs, management estimates that no funds <br />will be due and payable within one year. <br />NOTE 12 — POLLUTION REMEDIATION <br />In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution <br />Remediation Obligations, a consultant evaluated two 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 two sites <br />requiring the County (using the consultant's services) to attempt to accrue a liability for pollution <br />remediation. The liability totaled $2,445,100 at September 30, 2016 for the two 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 FDEP. The amount of the estimated year end liability is $2,440,000 and will <br />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 $5,100 and will be paid from <br />the General Fund. <br />Total Governmental Activities liability: $2,445,100 <br />83 <br />