State Codes and Statutes
Statutes > Washington > Title-39 > 39-35b > 39-35b-050Life-cycle cost model and analysis — Duties of the office of financial management.
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.
[2007 c 506 § 3.]
Notes: Findings -- Intent -- 2007 c 506: See note following RCW 43.82.035.
