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 s 3; (2011 1st sp.s. c 48 s 7005 expired June 30, 2013).]
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