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Monday, June 18, 2007

OMB identifies $17.7 billion in excess federal property

Agencies have nearly 22,000 unneeded buildings and land holdings worth a combined $17.7 billion, according to a Bush administration report sent to Congress today.

Five agencies control 95 percent of the properties: the Army, Navy, Agriculture Department, Air Force and Interior Department. Combined, the five agencies’ properties account for 78 percent of the $17.7 billion total. The $17.7 billion represents the cost of replacing existing properties, rather than the market value of those properties.

Congress passed a law in December 2006 requiring OMB to issue the report.

Since 2004, agencies have disposed of more than $4.5 billion in unneeded land and property. The administration expects to successfully meet its goal of disposing of a total $9 billion in unneeded properties by 2009, the report says.

Tim Kauffman, FederalTimes.com

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