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Washington Revised Code Title 39. Public Contracts and Indebtedness § 39.35B.050. Life-cycle cost model and analysis--Duties of the office of financial management

Current as of January 01, 2025 | Updated by Findlaw Staff

The office of financial management shall:

(1) Design and implement a cost-effective life-cycle cost model by October 1, 2008, based on the work completed by the joint legislative audit and review committee in January 2007 and in consultation with legislative fiscal committees;

(2) Deploy the life-cycle cost model for use by state agencies once completed and tested;

(3) Update the life-cycle cost model periodically in consultation with legislative fiscal committees;

(4) Establish clear policies, standards, and procedures regarding the use of life-cycle cost analysis by state agencies including:

(a) When state agencies must use the life-cycle cost analysis, including the types of proposed capital projects and leased facilities to which it must be applied;

(b) Procedures state agencies must use to document the results of required life-cycle cost analyses;

(c) Standards regarding the discount rate and other key model assumptions; and

(d) A process to document and justify any deviation from the standard assumptions.

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Cite this article: FindLaw.com - Washington Revised Code Title 39. Public Contracts and Indebtedness § 39.35B.050. Life-cycle cost model and analysis--Duties of the office of financial management - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-39-public-contracts-and-indebtedness/wa-rev-code-39-35b-050/

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