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Petroleum UST board: fund shortfall vs. liabilities could push per‑tank fees higher in 2027
Summary
Jonathan Manival of the Petroleum Underground Storage Tank Release Compensation Board told the committee the fund had an unobligated balance of $20.49 million (total $25.18M obligated and unobligated) versus an estimated $39.0 million liability as of 6/30/2024; the board kept fees and deductibles unchanged for fiscal 2026 but warned inflation could force fee increases in 2027.
Jonathan Manival, assistant director of the Petroleum Underground Storage Tank Release Compensation Board, told the House Natural Resources Committee the board manages a fee‑funded financial assurance fund that reimburses corrective action and third‑party damages from petroleum releases and that recent actuarial estimates show liabilities exceeding current reserves.
As of Jan. 31, 2025, Manival said, the fund’s unobligated balance was $20,490,000 and an additional $4,690,000…
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