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Guidance & Notes for Financial Test

1. Submitting:

  • A financial test submission must include the following, pursuant to 40 CFR 264.143(f)(3) and 264.145(f)(3), as adopted by reference in Rule 62-701.630(6)(b), F.A.C.
    1. Letter From Chief Financial Officer (CFO) - Form 62-701.900(5)(e).
    2. A copy of the independent certified public accountant's report on examination of the owner's or operator's financial statements for the latest completed fiscal year.
    3. A Special Report from the owner's or operator's independent certified public accountant to the owner or operator confirming that the data which the letter from the chief financial officer specifies as having been derived from the independently audited, year-end financial statements for the latest fiscal year was accurately derived from such financial statements.
  • When estimates are revised upwards after a Financial Test is submitted (and before the next submittal is due), only a revised CFO Letter is needed.

2. Required Actions:

  • Check the Closing, Long-term Care and/or Corrective Action box(es) for which there is a corresponding required action amount (cost estimate) included in Paragraph 1 or 2 of the Letter from Chief Financial Officer.

3. Firm Name:

  • "Name of Firm" can either be a Commercial entity, a Corporate Guarantor or a Government Entity. See guidance below for each:
    1. Commercial entities that are the owner or operator (permittee) – name must match (including punctuation and abbreviations) legal entity name as identified on the Florida Division of Corporations website (Sunbiz)." Use the Sunbiz link to verify the principal is a legal business entity with "Active" status, and that the name is entered exactly as listed. (The Principal name does not, however, need to be written in all capital letters.)
    2. Corporate Guarantors – name must match legal entity name as identified in Sunbiz.org or other submitted documentation. Enter facility information in Paragraph 2.
    3. Government owned facility – name must be the governmental entity name. Enter facility information in Paragraph 1.

4. Paragraphs 1 - 8:

  • Enter facility information (FDEP I.D. number, facility name, facility site address, and required actions and amounts) or select "NONE" if there is no data. If more room is needed select "See attachment" (and then attach a list that identifies the paragraph number).
  • Paragraph 2 is used only when a Corporate Guarantee [FDEP Form 62-701.900(5)(f)] is used.
  • Boxes at the bottom of page 1 are a part of Paragraph 2, and should not be checked when Paragraph 2 is marked "NONE."
  • Each "Facility Amount" to be included is the most recent Department approved estimate or any more recently submitted estimate that is larger. Estimates may be rounded up but may not be rounded down.
  • The FDEP I.D. number for Solid Waste facilities is the facility "WACS" number. Used Oil and Hazardous Waste facilities use an EPA I.D. number. Facilities in other states do not have an FDEP I.D. number (but a reference number will not be rejected). For assistance, try the appropriate Facility List (under "Highlights" in the right-hand column of this web page) or contact FDEP using the contacts on the Forms web page.

5. Paragraphs 5-8:

  • Enter information only if the Firm is demonstrating financial assurance for listed facilities through the use of a test substantially equivalent to this financial test and not through use of insurance, surety bonds or letters of credit.

6. Alternative I:

  • Sum of current facility amounts (Item 1) must be the total of all amounts in Paragraphs 1-8.
  • Items 2-6, 8 & 9 in the CFO letter must be confirmed in the Special Report (see Submitting guidance above)

7. Alternative II:

  • Sum of current facility amounts (Item 1) must be the total of all amounts in Paragraphs 1-8.
  • Items 3 and 4 in the CFO letter must be confirmed in the Special Report (see Submitting guidance above)
  • Pursuant to the Rule, either Standard and Poor's or Moody’s ratings must be used; therefore, Fitch ratings should not be included.
  • Note that a BBB— rating by Standard and Poor's or a Baa3 rating by Moody's is not adequate.

8. Special Report:

  • If Special Report is dated before the CFO’s letter, it must specify the dollar amounts "compared."
  • The auditor's Special Report must verify that items marked by an asterisk (*) — either Alternative I Items 2-6, 8 & 9 or Alternative II Items 3 & 4 — in the CFO letter are appropriately derived from the audited year-end financial statements, pursuant to 40 CFR Part 264.143(f)(3)(iii) and/or 40 CFR Part 264.145(f)(3)(iii), as adopted by reference in Rule 62-701.630(6), F.A.C. (See Submitting guidance above.)

Last updated: November 04, 2016

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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