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Oblig-RecoveryNote Disclosure8nf S AA@A@   sa.b.VViolation of a pollution prevention-related permit or similar permits under state law.c.The State is named, or evidence indicates that it will be named as a Potentially Responsible Party (PRP) for remediation, or as a government responsible for sharing costs.d.The State is named, or evidence indicates that it will be named, in a lawsuit to compel the government to participate in remediation.e.The State commences, or legally obligates itself to commence, cleanup activities or monitoring or operation and maintenance of the remediation effort. 'Have the following benchmarks occurred?WParticipation, as a responsible party or a PRP, in the site assessment or investigation5Completion of a corrective measures feasibility study'Issuance of an authorization to proceedProject Name: Yes/NoCompelled to take remediation action because pollution creates an imminent endangerment to public health or welfare or the environment, leaving it little or no discretion to avoid remediation actionuRemediation design and implementation, through and including operation an maintenance, and postremediation monitoringNote DisclosureslIf the State knows, or reasonably knows a site has been polluted, have any of the following events occurred?~ b. Cleanup activities, such as neutralization, containment, or removal and disposal of pollutants, and site restoration.I c. External government oversight and enforcement-related activitiesCosts may include payroll and benefits, equipment and facilities, materials, legal and other professional services, and estimated indirect costs. Costs do not include fines or penalties. BENCHMARKS (Milestones):7Pollution remediation activities include the following:Pollution remediation obligation does not include pollution prevention or control obligation with respect to current operations, such as obligations to install smokestack scrubbers, treat effluent, or use environment-friendly products- for example, low-sodium road salts.4Was the property prepared in anticipation of a sale?|Was the property prepared for use when it was acquired with known or suspected pollution that was expected to be remediated?Capitalization CriteriaWas the pollution remediation performed to restore a pollution-caused decline in service utility has was recognized as an asset impairment?^Was the purpose of acquiring a property, plant, or equipment to have a future alternative use? Additional information may be available regarding the extent of environmental impact and possible remediation alternatives.   Project Name:EXAMPLESGASB 49 sets forth a method for estimating liabilities using an expected cash flows measurement technique. Expected cash flows -considered 40% likely to be close to $95,000. Calculation:>($80,000 x 30%) + ($95,000 x 40%) + ($120,000 x 30%) = $98,000.of $2 million, and a 30% chance of $3 million.uThe agency estimates that there is a 10% chance that cleaning up a polluted site would cost $1 million, a 60% chance K($1 million x 10%) + ($2 million x 60%) + ($3 million x 30%) = $2.2 million Receipt of administrative order UCan a portion or all of the pollution remediation obligation be reasonably estimated?fAre recoveries expected from third parties, such as other potentially responsible parties or insurers?GAre there portions of the liability that are not reasonably estimable? /Are there portions of the liability estimated? a. Pre-clean up activities, such as the performance of a site assessment, site investigation, and corrective measures feasibility study, and the design of a remediation plan. d. Operation and maintenance of the remedy, including required monitoring of the remediation effort (postremediation monitoring). A government may receive an administrative order compelling it to take a response action at a site or risk penalties. Such response actions may be relatively limited such    The ability to estimate outlays resulting from administrative orders varies with factors such as site complexity and the nature and extent of work to be performed. The   benchmarks that follow should be considered in evaluating the ability to estimate such outlays insofar as the actions required by the administrative order involve these  benchmarks. as the performance of a remedial investigation and feasibility study or performance of a removal action, or may be broad such as remediation of a site. % be delayed beyond this point.  At this stage, the Agency (and possibly others) have been identified as a responsible party or PRP and has agreed to pay all or part of a study that will investigate the extent    The identification of other PRPs and their agreement to participate in funding the site assessment or investigation typically provide a reasonable basis for determining N the Agency's allocable share of the site assessment or investigation. w of the environmental impact or threatened release of pollutants and to identify site-remediation alternatives. yA realized or realizable recovery involves the acknowledgement or recognition by the third party of its responsibility. Expected RecoveryPotential Recovery Payment ProbabilityAmount cIf answered no to all events, GASB 49 does not apply. No disclosure required. No need to proceed. The measurement of pollution remediation liability should include all remediation work that the government expects to perform, including work expected to be performed for other responsible parties or PRPs, whether or not the government is required to do that work. BE  If yes, please complete the Obligation/Recovery Estimation worksheet and see Examples of Estimating Obligation/Recovery for guidance on estimating the pollution remediation obligation or expected recovery. Proceed to next question.BENCHMARKS (continued): estimable. The corrective measures feasibility study should be considered substantially complete no later than the point at which the responsible party or PRP's recommend   A a proposed course of action to the regulatory authority.  At this point, the regulatory authority has issued its determination specifying a preferred remedy. Normally, the Agency and other PRPs have begun, or perhaps completed,   negotiations, litigation, or both for their allocated share of the remediation liability. Accordingly, the Agency's estimate normally can be refined based on the specified T preferred remedy and a preliminary allocation of the total remediation outlay. During the design phase of the remediation, the government develops a better understanding of the work to be done and is able to provide more precise estimates of the total   remediation outlays. Further information likely will become available at various points until site remediation work is completed, subject only to postremediation monitoring. The government should continue to refine its estimate of its liability as this additional information becomes available. Expected Recovery Example measures the liability as the sum of probability-weighted amounts in a range of possible estimated amounts - the estimated mean or average.]The agency estimates that there is an equal chance of the liability being either $80 or $100. ($80 x 50%) + ($100 x 50%) = $90yThe environmental engineering department estimates outlays to conduct site assessment and complete a corrective measures ~feasibility study will range from $80,000 to $120,000. Either end of the range is equally likely, although actual outlays arep(Calculated using the expected cash flow method. See Examples for Estimating Obligation/Recovery for guidance.)If yes to any of the questions 2a - 2d, then the pollution remediation outlay meets the capitalization criteria for financial reporting purposes only. Proceed to the next question.If no to all of the questions 2a - 2d, then the pollution remedi<'ation does not meet the capitalization criteria for financial reporting purposes. Proceed to the next question.If no, proceed to Question 7.&Is the recovery realized / realizable?HWhat activities and costs should/should not be included in the estimate?Pollution remediation liabilities should be recognized as the ranges of their components (for example, legal services, site investigation, or required postremediation monitoring) become reasonably estimable.1. In some cases, a government will be able to reasonably estimate a range of all components of its liability early in the process because the site situation is common (for example, the remediation involves only the routine removal of underground storage tanks [USTs] in accordance with a UST program for fuel storage tanks) or is similar to situations at other sites with which the government has experience. In such cases, the entire estimated liability should be recognized at this stage.OR2. In some cases, the government may have insufficient information to reasonably estimate the ranges of all components of its liability. In these cases, the government should recognize pollution remediation liabilities as the range of each component of the liability (for example, legal services, site investigation, or required postremediation monitoring) becomes reasonably estimable. However, recognition should not be delayed beyond applicable benchmarks (see below). Department:Department / Contact Name:Note - Estimates of a pollution remediation liability should be adjusted when benchmarks are met or when new information indicates changes in estimated outlays due to, for example, changes in the remediation plan or operating conditions. The outlays associated with performing the requisite work generally are estimable within a range, and recognition of a remediation liability for this work generally should not  1?z Total outlays associated with the site assessment or investigation generally is estimable within a reasonable range. (7 At a minimum, the Agency should recognize it's share of the estimated total outlays associated with the site assessment or investigation n} At substantial completion of the corrective measures feasibility study, both a range or the remediation outlays and the Agency's allocated share generally will be reasonably  'LTOTAL OBLIGATION ESTIMATION :"1. Receipt of administrative order\2. Participation, as a responsible party or a PRP, in the site assessment or investigation. :3. Completion of a corrective measures feasibility study. ,4. Issuance of an authorization to proceed. z5. Remediation design and implementation, through and including operation an maintenance, and postremediation monitoring. HPart I - Complete this section if the entire obligation can be estimated8;`Part II - Complete applicable parts of this section if the entire obligation cannot be estimatedMSIf the total obligation cannot be estimated, recognition of certain components of the obligation cannot be delayed as detailed below: ;Part III - Complete this section if recoveries are expectedSPlease complete for projects which are expected to either meet or exceed $1,000,000oSee Note Disclosure worksheet to provide necessary information for note disclosure in the financial statements.Describe the nature and source of the obligation to clean up the pollution (for example, federal, state, local laws or regulations)}Methods and assumptions employed to estimate the liability (Applicable only if answered yes to Question 7b on questionnaire).; The potential for changes in the estimate due to changes in prices, technology, laws and regulations, and other factors. (Applicable only if answered yes to Question 7b on questionnaire).y An estimate of the amount the state expects to recover from insurance or other parties. 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