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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 11 - PROVISION FOR CLOSURE COSTS <br />Current regulations of the U.S. Environmental Protection Agency (EPA) and the Florida <br />Department of Environmental Protection (FDEP) require the Solid Waste Disposal District <br />(SWDD) to place a final cover on closed landfill areas, and to maintain those areas for up to <br />thirty years after closure. The SWDD annually obtains updated and revised estimates of <br />total future closure and post -closure costs from its consulting engineers. The SWDD <br />recognizes the expenses associated with the final closure and post -closure maintenance of <br />the landfill areas over the active life of those areas. The provision for closure costs <br />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 <br />capacity used. <br />The total unrecognized closure and post -closure costs are approximately $11.6 million. <br />These costs will be recognized in future periods as the remaining capacity is filled. The <br />County's policy is to fund 100% of the current year's allocation (based upon the consulting <br />engineers' report) of both closure and post -closure care. <br />Required closure and post -closure sub -accounts: <br />Capacity Estimated <br />Used Closing <br />Amount <br />Closure Costs <br />Class! - Segments 111, Cell 1 90% 2022 $ 4,763,882 <br />Construction and Demolition 93% 2027 1,034,866 <br />Post -closure Costs <br />Class! - Segments 1 and 11 N/A N/A 1,563,435 <br />Construction and Demolition N/A N/A 79,488 <br />Total account balance at 9/30/20 $ 7,441,671 <br />All amounts recognized are based on what it would cost to perform all closure and <br />post -closure functions in current dollars. Actual costs may be different due to inflation, <br />deflation, changes in technology, or changes in laws and regulations. The SWDD is required <br />by FDEP to annually show proof of ability to finance closure and post -closure costs. The <br />SWDD is making annual deposits to a closure and post -closure cost escrow account to <br />provide for the financing of future closure -related expenses. At September 30, 2020, <br />$7,430,173 was on deposit at the Florida Cooperative Liquid Assets Securities System <br />(FLCLASS) and $11,498 was on deposit in the County's Operating account. <br />82 <br />