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Owners or operators of Solid Waste facilities requiring closing and or long-term care financial assurance shall annually adjust their facility closure cost estimates for inflation and submit updated information to the Department. Most permittees must follow Rule 62-701.630(4), Florida Administrative Code (F.A.C.). See Special Notes below for Used Oil and Waste Tire Facilities. Outlined below are Rule 62-701.630(4), F.A.C., requirements for submission of closure cost estimates.

  • Form 62-701.900(28) is used to prepare and submit closure cost estimates. Contact your permitting office for assistance with this form.
  • 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.
  • For owners or operators using an escrow account to demonstrate financial assurance, cost estimates must be submitted between July 1 and September 1 of each year.
  • For owners or operators using an alternate financial mechanism to demonstrate financial assurance, cost estimates must be submitted between January 1 and March 1 of each year.
  • Please submit Form 62-701.900(28) to the appropriate permitting office with a copy to the Solid Waste Financial Coordinator:
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
or by fax: (850) 245-8803 - Please phone when faxing as the fax machine is not monitored.

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 Rule 62-701.630(4)(a)(2), F.A.C.
  • 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 1.

Current Year Inflation Factors:

1.015 for estimates due between January 1 and March 1, 2015
1.014 for estimates due between July 1 and September 1, 2015

Recent 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 1 Inflation Factor for Estimates Due Between July 1 and September 1
2006 1.02 1.03
2007 1.030 1.030
2008 1.030 1.025
2009 1.025 1.020
2010 1.020 1.010
2011 1.010 1.010
2012 1.010 1.020
2013 1.020 1.017
2014 1.017 1.015
2015 1.015 1.014
2016 Same as previous year’s 7/1-9/1 factor Available in
May 2016

Special Notes

  • Used Oil facility owners or operators use Form 62-710.901(7) [Used Oil Processing Facility Closing Cost Estimate Form].
  • Waste Tire facility owners or operators do not have a cost estimate form to use but must submit recalculated cost estimates 60 prior to anniversary date of their financial assurance instrument.

Last updated: April 15, 2015

Permitting and Compliance Assistance Program #850-245-8707 MS #4565

 

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

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