2007 Session

Budget Bill - HB1650 (Chapter 847)

Department of General Services

Item 71

Item 71

First Year - FY2007Second Year - FY2008
Real Estate Services (72700)$1,152,926$1,040,528
Statewide Leasing and Disposal Services (72705)FY2007 $1,152,926FY2008 $1,040,528
Fund Sources:  
GeneralFY2007 $1,152,926FY2008 $671,821
SpecialFY2007 $0FY2008 $368,707

Authority: Title 2.2, Chapter 11, Article 4, § 2.2-1156, Code of Virginia.

1.  This appropriation includes an internal service fund to support a program of Real Estate Services. This internal service fund may include rent payments or fees to be paid by state agencies and institutions for their occupancy of facilities and for the agency's management of real property transactions, including, but not necessarily limited to, leases of non-state owned office space throughout the Commonwealth for use by such agencies and institutions.  Also included are funds to pay costs associated with the disposal of state-owned real property and interests therein.  The costs paid for each sale shall be returned to the fund upon sale of the property, in an amount calculated at 115 percent of such costs.  The estimated cost for this service area is $950,000 the first year and $950,000 the second year.  In implementing the program, the department may utilize brokerage services, portfolio management strategies, personnel policies, and compensation practices generally consistent with prevailing industry best practices.

2. The department shall report its progress in implementing this program to the Governor and the chairmen of the Senate Finance and House Appropriations Committees by November 1, 2006.