State law requires the Office of Financial Management (OFM) to establish, deploy and maintain the state’s life cycle cost model for evaluating ownership and leasing alternatives for state facilities over 20,000 SF and/or facility leases over 10 years. It also requires OFM to establish policies, standards and procedures related to this model.

The Office of Financial Management’s Facilities Oversight and Planning Program oversees real estate procurement and management by applying a statewide perspective to analysis, long-term planning, policy development, and state facility portfolio management.

The Office of Financial Management (OFM) is required by statute to authorize large leased facilities agreements through the approval of the lease. This includes leases for new space, expansions, relocation, and renewals that include any of the following: