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.
Effective dates—2011 1st sp.s. c 48: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [June 15, 2011], except for sections 7022 through 7025 and 7027 of this act which take effect July 1, 2011." [
2011 1st sp.s. c 48 s 7039.]