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Indian River County, Florida Board of County Commissioners Notes To Financial Statements Year Ended September 30, 2017 NOTE 11— POLLUTION REMEDIATION In accordance with GASB Statement 49, Accounting and Financial Reporting for Pollution Remediation Obligations, a consultant evaluated two sites to assess pollution remediation liabilities. The consultant calculated for each site an expected value (EV) estimate for pollution remediation based on three plausible mitigation scenarios. An obligating event occurred at each of the following two sites requiring the Board (using the consultant's services) to attempt to accrue a liability for pollution remediation. The liability totaled $2,119,700 at September 30, 2017 for the two sites. The pollution remediation obligation is an estimate and subject to changes resulting from price increases and reductions, technology, and changes in applicable laws or regulations. There are no estimated recoveries that would reduce the liability. Governmental Funds: 1. South Gifford Road closed landfill — The nature of the pollution remediation obligation is chlorinated solvent contamination. The consultant will conduct monitoring, bioremediation and reporting with the FDEP. The amount of the estimated year end liability is $2,100,000 and will be paid from the Optional Sales Tax Fund. 2. Old Administration Building — The nature of the pollution remediation obligation is closed underground storage tank contamination. The consultant will conduct monitoring and reporting with the FDEP. The amount of the estimated year end liability is $19,700 and will be paid from the General Fund. Total governmental funds liability: 2 119 700 The Board does not report the liability for pollution remediation in the governmental fund statements since they are not current liabilities payable from available spendable resources. The liability is reported in the government -wide financial statements of the County. 291