{"id":533,"date":"2024-08-13T11:24:08","date_gmt":"2024-08-13T15:24:08","guid":{"rendered":"https:\/\/deptest.nj.gov\/dshw\/?page_id=533"},"modified":"2025-02-11T13:33:23","modified_gmt":"2025-02-11T18:33:23","slug":"escrow-and-financial-plan-review","status":"publish","type":"page","link":"https:\/\/deptest.nj.gov\/dshw\/swpl\/financial-management-unit\/escrow-and-financial-plan-review\/","title":{"rendered":"Escrow and Financial Plan Review"},"content":{"rendered":"<p>[vc_row][vc_column][vc_empty_space height=&#8221;25px&#8221;][breadcrumb-shortcode][vc_empty_space height=&#8221;25px&#8221;][\/vc_column][vc_column width=&#8221;1\/4&#8243;][vc_column_text css=&#8221;&#8221;][wpcode id=&#8221;7523&#8243;][\/vc_column_text][\/vc_column][vc_column width=&#8221;3\/4&#8243;][info-box-shortcode removebg=&#8221;true&#8221;]<\/p>\n<h1 style=\"text-align: center;\">Escrow and Financial Plan Review<\/h1>\n<p>[\/info-box-shortcode][info-box-shortcode removebg=&#8221;true&#8221;]All sanitary landfills operating after January 1982 must establish an Escrow Fund for facility closure\/post closure care.\u00a0 Pursuant to N.J.A.C. 7:26-2A.9(g) it is required that for every ton of waste collected, $1.00 is deposited into an Escrow Account that has been established with a financial institution of choice as escrow agent.\u00a0 Escrow accounts are maintained through a written agreement signed by the landfill owner\/operator, the escrow agent, and a representative of the Department.\u00a0 There are three types of sanitary landfill escrow accounts:<\/p>\n<ul>\n<li>DEP Escrow Accounts established pursuant to N.J.S.A. 13:1E-109 as part of the Sanitary Landfill Facility Closure and Contingency Fund Act N.J.S.A 13:1E-100 et. seq.\u00a0 P.L.181, Ch. 306, are to insure the proper closure\/post-closure care of landfills.<\/li>\n<li>BPU Escrow Accounts established by orders of the Board of Public Utilities in its ratemaking capacity pursuant to N.J.S.A. 48:2-21 are intended to fund both environmental improvements and closure\/post-closure care of landfills.<\/li>\n<li>Alternative Funds Accounts encompass any alternative funds used to supplement funding shortfalls in situations where the DEP and BPU accounts are not adequate to fund anticipated costs. \u00a0The landfill owners may establish an Alternative Funds Escrow Account with their own funds or obtain a secure Letter of Credit. Municipalities and Counties may adopt a resolution that each year there will be a line item in the budget to help offset the closure and post closure costs for that year.<\/li>\n<\/ul>\n<p>A financial plan for closure\/post closure care of a sanitary landfill facility must be prepared in accordance with the requirements of N.J.A.C. 7:26-2A.9(f).\u00a0 Financial plans must receive Department approval to ensure that all costs for closure\/post closure care have been identified and that sufficient funding will be available over the life of the facility.\u00a0 DEP, BPU, and Alternative Funds Accounts are then managed in accordance with the associated rules, regulations, escrow agreements, and the approved closure\/post closure financial plan for the life of the facility. Monthly statements and annual audit data must be submitted for review in accordance with the rules to check that adequate funding is maintained as required and to ensure ongoing compliance by facilities and financial institutions.<\/p>\n<p>Escrow withdrawal requests are submitted by facilities as needed to cover approved expenses associated with closure\/post closure care.\u00a0 All requests for escrow funds are processed, and written authorizations for release of funds issued, consistent with the approved financial plan.[\/info-box-shortcode][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/3&#8243;][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Standard Escrow Agreement&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_agreement.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Standard Escrow Agreement Addendum&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_addendum.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Standard Operator&#8217;s Report Form&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_operator_report.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][\/vc_column][vc_column width=&#8221;1\/3&#8243;][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Alternative Funds Standard Escrow Agreement&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_alt_funds_agreement.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Alternative Funds Standard Escrow Agreement Addendum&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_alt_funds_addendum.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Alternative Funds Operator&#8217;s Report Form&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_alt_funds_operator_report.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][\/vc_column][vc_column width=&#8221;1\/3&#8243;][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Financial Plan Instructions&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_fp_instructions.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Account Investment Guidelines&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/fp_investment.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][vc_empty_space][info-box-shortcode icon=&#8221;far fa-file-pdf&#8221; buttontitle=&#8221;Escrow Withdrawal Procedures&#8221; buttonlink=&#8221;https:\/\/deptest.nj.gov\/dshw\/wp-content\/uploads\/sites\/133\/escrow_withdrawal.pdf&#8221; targetlink=&#8221;true&#8221;][\/info-box-shortcode][\/vc_column][vc_column][vc_empty_space height=&#8221;50px&#8221;][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_empty_space height=&#8221;25px&#8221;][breadcrumb-shortcode][vc_empty_space height=&#8221;25px&#8221;][\/vc_column][vc_column width=&#8221;1\/4&#8243;][vc_column_text css=&#8221;&#8221;][wpcode id=&#8221;7523&#8243;][\/vc_column_text][\/vc_column][vc_column width=&#8221;3\/4&#8243;][info-box-shortcode removebg=&#8221;true&#8221;] Escrow and Financial Plan Review [\/info-box-shortcode][info-box-shortcode removebg=&#8221;true&#8221;]All sanitary landfills operating after January 1982 must establish an Escrow Fund for facility closure\/post closure care.\u00a0 Pursuant to N.J.A.C. 7:26-2A.9(g) it is required that for every ton of waste collected, $1.00 is deposited into an Escrow Account that has been [&hellip;]<\/p>\n","protected":false},"author":133,"featured_media":0,"parent":539,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"fullwidth.php","meta":{"footnotes":""},"class_list":["post-533","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/pages\/533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/comments?post=533"}],"version-history":[{"count":1,"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/pages\/533\/revisions"}],"predecessor-version":[{"id":7528,"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/pages\/533\/revisions\/7528"}],"up":[{"embeddable":true,"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/pages\/539"}],"wp:attachment":[{"href":"https:\/\/deptest.nj.gov\/dshw\/wp-json\/wp\/v2\/media?parent=533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}