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.