Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />81 <br /> <br /> <br />NOTE 11 - PROVISION FOR CLOSURE COSTS <br /> <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 /> <br />The total unrecognized closure and post-closure costs are approximately $14.0 million. These costs <br />will be recognized in future periods as the remaining capacity is filled. The County’s policy is to fund <br />100% of the current year’s allocation (based upon the consulting engineers’ report) of both closure and <br />post-closure care. <br /> <br />Required closure and post-closure sub-accounts: <br /> <br /> Capacity Estimated <br /> Used Closing Amount <br />Closure Costs <br />Class I - Segments I and II 71% 2021 $ 5,981,893 <br />Construction and Demolition - Cell I 93% 2027 954,866 <br /> <br />Post-closure Costs <br />Class I - Segments I and II N/A N/A 1,163,435 <br />Construction and Demolition - Cell I N/A N/A 54,488 <br /> <br />Total account balance at 9/30/19 $ 8,154,682 <br /> <br /> <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, 2019, $8,144,664 was on deposit at the Florida Cooperative Liquid Assets <br />Securities System (FLCLASS) and $10,018 was on deposit in the County’s Operating account.