Life-cycle cost model and analysis — Duties of the office of financial management.

RCW 39.35B.050

in effect

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. 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.

Source: WA Statutes (Official Site)URL: https://app.leg.wa.gov/RCW/default.aspx?cite=39.35B&full=trueFetched: 6/29/2026