Section 845.940  Revision of Cost Estimates

a)         During the active life of the CCR surface impoundment, the owner or operator must adjust the cost estimates for closure, post-closure care, and corrective action for inflation on an annual basis.  The adjustments must occur within 60 days before the anniversary date of the establishment of the financial instruments used to comply with Section 845.950.  The adjustment may be made by recalculating the maximum costs of closure, post-closure care, or corrective action in current dollars, or by using an inflation factor derived from the annual Implicit Price Deflator for Gross National Product (Deflator) as published by the U.S. Department of Commerce in its Survey of Current Business (Table 1.1.9) (see subsections (a)(1) and (a)(2)).  The inflation factor is the result of dividing the latest published annual Deflator by the Deflator for the previous year.

1)         The first adjustment is made by multiplying the cost estimate by the inflation factor. The result is the adjusted cost estimate.

2)         Subsequent adjustments are made by multiplying the latest adjusted cost estimate by the latest inflation factor.

b)         During the active life of the CCR surface impoundment, the owner or operator must revise the cost estimate within 30 days after the Agency has approved a request to modify the corrective action plan, closure plan, or post-closure care plan, if the change in the modified plan increases the cost of corrective action, closure or post-closure care.  The revised cost estimate must be adjusted for inflation (see subsection (a)).

c)         At least 60 days before submitting any closure plan to the Agency, the owner or operator must revise the cost estimate if the selected closure method increases the estimated closure or post-closure care costs.

d)         The owner or operator must keep the most current cost estimates in the facility's operating record during the operating life of the CCR surface impoundment.