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Financial assurance updates

Cost estimates for financial assurance for dangerous waste handling facilities need to be adjusted every year for inflation. Some companies choose to do an entirely new cost estimate every year to make sure it is always accurate. However, that is not required. Instead, simply multiply the amount from last year by this year’s inflation adjustment. This also works to adjust an old amount for multiple years.

Adjusting for inflation

Inflation factors for the years 2000 to 2017

Year

Inflation factor

Year

Inflation factor

2000 1.0147 2009 1.0219
2001 1.0217 2010 1.0092
2002 1.0226 2011 1.0096
2003 1.0162 2012 1.0210
2004 1.0215 2013 1.0184
2005 1.0284 2014 1.0150
2006 1.0334 2015 1.0164
2007 1.0326 2016 1.0100
2008 1.0294 2017 1.0131

If a closure-cost estimate was $25,000 in 2008, multiply $25,000 by 1.0219 (the inflation factor for that year in the table above) to get $25,548 for 2009. For 2010, multiply 25,548 by 1.0092 to get $25,783.

Estimates on financial-assurance documents must cover at least this amount for those years. To calculate inflation for other years, contact us, and we’ll help figure it out.