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.
Financial Assurance Working Group Florida Department of Environmental Protection 2600 Blair Stone Road, MS 4548 Tallahassee, FL 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 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.
The data necessary to calculate the inflation factor is released by the U.S. Department of Commerce at the end of March. Therefore, it is appropriate to use the previous year's factor when inflation adjusting cost estimates due between Jan. 1 and March 1.
We recommend (and allow) the use of the inflation factor we calculate when annual deflators are first published for a 'new year' on or about April 1. As deflators, including previous year’s deflators, are revised several times a year, the inflation factor we publish in April is occasionally slightly different from what would be calculated later. (We now round up only when the fourth decimal is 9.)
The annual deflators used to calculate the latest inflation factor are dated March 31, 2022, and are 118.349 (for 2021) and 113.636 (for 2020).
Current Year Inflation Factors
Estimate Due Time Frames
Estimates due between Jan. 1 and March 1, 2022
Estimates due between July 1 and Sept. 1, 2022
Recent Inflation Factors
New Cost Estimate’s Year
Inflation Factor for Estimates Due Between Jan. 1 and March 1
Inflation Factor for Estimates Due Between July 1 and Sept. 1
Used Oil Facility
Owners or operators use Form 62-710.901(7) - Used Oil Processing Facility Closing Cost Estimate Form.
Owners or operators do not have a DEP cost estimate form. Rule 62-711.500(3), F.A.C., requires recalculated cost estimates 60 days prior to the anniversary date of their financial assurance instrument. The facility list includes these dates.
The Florida Department of Environmental Protection is the state’s lead agency for environmental management and stewardship – protecting our air, water and land. The vision of the Florida Department of Environmental Protection is to create strong community partnerships, safeguard Florida’s natural resources and enhance its ecosystems.