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Owners or operators of hazardous waste facilities requiring closure, postclosure and corrective action financial assurance shall annually adjust their facility cost estimates for inflation and submit updated information to the Department. Permittees must follow Rule 62-730.180 and Rule 62-730.226, Florida Administrative Code (F.A.C.).

  • Annual cost estimate adjustments may be made either by recalculating the maximum cost of closure in current dollars or by using the current year inflation factor.
  • Annual inflation adjusted cost estimates are due 60 days prior to the anniversary date of the financial assurance mechanism. The cost estimate due date can be found on the "Facility List" found under Highlights on the right.
  • The increase in the amount of the financial assurance mechanism is due 60 days after the submittal of a cost estimate. When a cost estimate goes down, prior authorization from this office is usually required. (Estimate approval is sufficient only for financial test users.) Authorization will be addressed to the issuing institution for bonds, letters of credit and insurance policies and will specify the financial instrument to be changed.
By e-mail: Solid.Waste.Financial.Coordinator@dep.state.fl.us

or by mail: Financial Assurance Subsection
Florida Department of Environmental Protection
2600 Blairstone Road MS 4548
Tallahassee, Florida 32399-2400

Calculation of the Inflation Factor

  • The annual inflation factor is derived from the most recent Implicit Price Deflator for Gross National Product published by the U.S. Department of Commerce in its Survey of Current Business, pursuant to 40 CFR Part 264.142(b).
  • To calculate the current inflation factor, divide the latest published annual Deflator by the Deflator for the previous year.
  • Implicit Price Deflator data is published by the U.S. Department of Commerce, Bureau of Economic Analysis on their website, http://www.bea.gov.
  • The data necessary to calculate the inflation factor is released by the U.S. Department of Commerce in April. Therefore, it is appropriate to use the previous year's factor when inflation adjusting cost estimates due between January 1 and March 31.
  • To prevent confusion, we recommend (and allow) the use of the inflation factor we calculate when annual deflators are first published for a 'new year' around April 1st. As deflators (including previous year’s deflators) are revised several times each year, occasionally the inflation factor we publish in April is slightly different from what would be calculated later. We now round up only when the 4th decimal is 9.
  • The annual deflators used to calculate the latest inflation factor are dated March 30, 2017 and are 111.528 (for 2016) and 110.09 (for 2015).

Inflation Factors:

Multiply the previous year’s estimate by the applicable inflation factor to calculate the new year’s estimate.

New Cost Estimate’s Year Inflation Factor for Estimates Due Between January 1 and March 31 Inflation Factor for Estimates Due Between April 1 and December 31
2017 1.009 1.013
2016 1.014 1.009
2015 1.015 1.014
2014 1.017 1.015
2013 1.02 1.017
2012 1.01 1.02
2011 1.01 1.01
2010 1.02 1.01
2009 1.025 1.02
2008 1.03 1.025
2007 1.03 1.03
2006 1.02 1.03
2005 1.01 1.02
2004 1.01 1.01
2003 1.02 1.01
2002 1.02 1.02
2001 1.015 1.02
2000 1.01 1.015
1999 1.02 1.01
1998 1.02 1.02
1997 1.025 1.02
1996 1.015 1.025
1995 1.025 1.015
1994 1.026 1.025
1993 1.036 1.026
1992 1.042 1.036
1991 1.043 1.042
1990 1.039 1.043
1989 1.032 1.039
1988 1.026 1.032
1987 1.036 1.026
1986 1.045 1.036
1985 1.041 1.045
1984 1.062 1.041
1983 1.1 1.062
1982 --- 1.1


Last updated: September 25, 2017

Permitting and Compliance Assistance Program #850-245-8705 MS #4565

 

Division of Waste Management #850-245-8705 MS #4500
2600 Blair Stone Road, Tallahassee, Florida 32399-2400

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