Owners or operators of facilities regulated by the Solid Waste Financial Assurance office shall annually adjust their facility closure cost estimates for inflation and submit updated information to the Department. Outlined below are Rule 62-701.630(4), Florida Administrative Code (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 the form.
• Annual cost estimate adjustments may be made either by recalculating the maximum cost of closure 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:

Solid Waste Financial Coordinator
Department of Environmental Protection
2600 Blair Stone Road MS 4565
Tallahassee, Florida 32399-2400
(850) 245-8732 FAX (850) 245-8811

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)(b)(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 .

Current Year Inflation Factors*:

Recent Inflation Factors:

2000 Cost Estimate x 1.020 = 2001 Cost Estimate
2001 Cost Estimate x 1.020 = 2002 Cost Estimate
2002 Cost Estimate x 1.010 = 2003 Cost Estimate
2003 Cost Estimate x 1.015 = 2004 Cost Estimate
2004 Cost Estimate x 1.020 = 2005 Cost Estimate
2005 Cost Estimate x 1.030 = 2006 Cost Estimate
2006 Cost Estimate x 1.030 = 2007 Cost Estimate
2007 Cost Estimate x 1.025 = 2008 Cost Estimate

* - 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.