Solid Waste Landfill Management Escrow Account

Solid Waste Landfill Management Escrow Account (Governmental Use Only)

The attached are offered as drafts for a governmental agency to draw on.  Variations are found to be acceptable.  Requirements for the use of a landfill management escrow account are detailed in Rule 62-701.630(5), F.A.C.  Who may use it is specified in Rule 62-701.630(2)(b)1., F.A.C.

Rule Highlights

Escrow Agreement

• Revenue shall be deposited in an interest-bearing escrow account with a financial institution such as a bank or trust whose operations are regulated and examined by a federal or state agency, or deposited in a Department-approved investment pool, created by the State of Florida or local governments that has as its primary objective liquidity and preservation of principle.
• Per Memo SWM-09.7 and subsequent determination, department-approved investment pools currently include:
  • State Board of Administration (Local Government Pooled Account) (SBA)
  • Florida Local Government Investment Trust (FLGIT)
  • Special Purpose Investment Account (SPIA)
• File with the Department a signed duplicate original of the escrow agreement

Audit

The audit shall:

• Be conducted by an independent Certified Public Accountant and shall be filed no later than March 31 of the following year (i.e., 6 months after the audited fiscal year ended)
• Identify where funds are on deposit (e.g., name of bank(s) or pool)
• Give the landfill management escrow account balance as of the end of the fiscal year
• Itemize by facility, the amount restricted for closing and long-term care.
• Reference subsection 62-701.630(5), F.A.C.
• Reference the escrow agreement
• Include a list by date of all deposits and withdrawals made (interest or its equivalent can be a single amount for the year)

Notes within a Comprehensive Annual Financial Statements (CAFR) that include all of the above have been found to be acceptable.

Escrow Account Funding

Use either of the following methods to determine minimum funding requirements for the escrow account.

1. "Pay-in" method - Rule 62-701.630(5)(d)1.a.
2. "Balance" Method - Rule 62-701.630(5)(d)1.b. - Most use the Balance method as it allows for expenditures.

Solid Waste Escrow Minimum Balance Calculator

• Excel spreadsheet to help determine the minimum funding required using the "Balance Method" or the "Pay-In Method" (see different tabs).

Return to the Solid Waste Financial Assurance Forms and Form Guidance webpage.