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According acquisition additional adjustments Administrator agencies alternative amount analysis appropriations approved assumed assumptions backlog benefits bill borrowing breakeven budget surplus budgetary impact cash flow Committee comparable COMPARED WITH DIRECT Congress construction costs construction projects copies cumulative cash differences direct Federal construction discounted discussed economical effect estimated evaluate February Federal Buildings Fund Federal Financing Bank fiscal fully future Government higher House income increased inflation ings interest interest rate introduced larger leased buildings leased space least costly alternative legislation less limited long-term major meet ment million occupied Office operating expenses outlays participation certificates percent present value analyses projects Public Buildings purchase contracting purchase-contract authority purchase-contract buildings real estate taxes recovery periods Requests result Services shown shows square Subcommittee sufficient tax payments taxes on purchase-contract tion Treasury user charges
Page 1 - ... dramatic example of the major structural inequities between federally exempt and privately taxable owners of real properties. These payments are included as part of GSA's purchase-contract agreements for the conI/ struction of a backlog of approved, but unfunded, projects. Under this package arrangement, GSA makes semi-annual payments to the contractors for interest, real estate taxes, and amortization of principal. At the end of the contract period, which is usually 30 years, title to the building...
Page 6 - ... Budgeting computer model set up to assist PBS in this life cycle planning decision does not account for property taxes; however, a recent GAO report which examined alternative methods of financing federal building space acquisitions has recommended that federal cost analyses include real estate taxes "as an imputed cost of government ownership under the rationale that other federal support may be required to compensate 2, the state and/or local governments for real estate revenues lost.
Page 3 - When the establishment of the Federal Buildings Fund was orignally being considered, GSA anticipated there would be "more efficient and economical use of space if agencies had to budget and pay for it.
Page 1 - Administration (GSA) to enter into contractual arrangements for the construction of a backlog of approved but unfunded Federal facilities.
Page 5 - HR 1938 would apply the full funding concept to leases in excess of 5 years. The maximum cost of such leases over the entire term would be recorded as budget authority in the first year. We have reported and testified that as a matter of budget policy we favor the full funding concept because it more accurately discloses the total obligations associated with a project.
Page 2 - dual contract arrangement," with separate contracts for the construction and financing of building projects, is also part of the purchase-contract agreement, and it too stipulates that GSA pay the project's real estate taxes "to help ease the burden of the federal presence on the local community during the purchase-contract term.
Page 4 - HR 10488 are an attempt to reconcile the urgent need for new Federal facilities with today's economic conditions.
Page 2 - From the standpoint of the Federal Buildings Fund, direct Federal construction has a more favorable long-term budgetary impact than either purchase contracting or leasing.
Page 4 - As a result of insufficient construction funds, General Services has relied increasingly on leasing rather than Government ownership in meeting space requirements.
Page 17 - ... justifications for budget estimates address, among other items, the alternatives considered, including a description of the relative benefits and costs. An economic analysis can be a useful tool in evaluating the comparative cost of investment alternatives, such as alteration or new construction, provided the underlying assumptions and criteria are realistic and are applied objectively and consistently.