The Congressional Budget Office has said a proposed House bill that seeks to create an independent board that would help reduce the inventory of federal civilian properties would cost approximately $40 million to implement from fiscal years 2017 through 2021.
CBO said in a report published Thursday that the passage of the Federal Assets Sale and Transfer Act of 2016 would not result in the application of pay-as-you-go procedures since its implementation would not affect revenues or direct spending.
According to the report, the proposed legislation would allocate $2 million in funds to set up the Public Buildings Reform Board that would determine and recommend to the Office of Management and Budget federal properties that could be put up for sale.
The bill would also authorize $40 million in budget to help carry out the recommendations of the seven-member board that would operate over a period of six years, CBO said.
The measure would also require the board to collaborate with the General Services Administration to redevelop, co-locate or consolidate agency operations in order to identify additional properties that could be sold, according to the agency.
CBO added that the enactment of the bill would not result in on-budget deficit growth “in any of the four consecutive 10-year periods beginning in 2027 but would lead to additional receipts if the board’s recommendations result in the sale of facilities.