Policy for Estimating Current Replacement Value and Deferred Maintenance Office of Acquisition and Property Management Background The facilities condition index (FCI) is used to establish the relative condition of assets FCI is a ratio of Deferred maintenance (DM) and Current Replacement Value
(CRV) FCI = DM/CRV Department of the Interior December 2007 Background The original DOI policy for estimating current replacement value (CRV) and deferred maintenance (DM) was issued in June, 2006. This policy provided three options for calculating CRV
It did not require bureaus to use the same methodology to estimate CRV and DM Department of the Interior December 2007 Background The lack of consistency created two issues: 1) Diminished the value of FCI as a metric and prioritization tool 2) Limited usefulness of Department-wide comparisons for FCI, CRV, and DM
Department of the Interior December 2007 Emphasis on Standard Methodology DOI senior management charged the Asset Management Team (AMT) to revise the policy by the end of Q1 FY 2008 OMB placed the policy revision on DOIs real property scorecard as a deliverable for Q1 2008
Department of the Interior December 2007 Revision Process The AMP and Office of Acquisition and Property Management lead the revision Drafts of the new policy were distributed to the Asset Management Partnership (AMP) for review and comment The Office of Budget and the Office of Financial Management also reviewed and provided input
Department of the Interior December 2007 Objectives of Policy Revision 1) Support consistent, accurate, and repeatable estimating methodology for CRV and DM 2) Use industry standard data and estimating tools where applicable 3) Ensure CRV and DM estimates for specific asset types (buildings, roads, dams, etc.) employ the same methodology Departmentwide
Department of the Interior December 2007 Objectives of Policy Revision 4) Ensure CRV and DM estimates are compatible, and contain the same fees and markup factors 5) Support consistent CRV and DM estimating methodologies within non-heritage, multi-use, and heritage asset categories 6) Level of accuracy for all CRV and DM
estimates is a Class C estimate (-15% to +25%) Department of the Interior December 2007 Non-Heritage Assets Buildings Use RS Means data for labor and materials Apply fees and markups specified in policy Adjust estimates with RS Means three digit zip code factors and a transportation factor
Estimates for items not included in RS Means are supplied by vendors and external or internal consultants Department of the Interior December 2007 Non-Heritage Assets Structures Uses the same methodology as buildings Roads, dams, water distribution systems, and power assets will have their own asset
specific standard for CRV estimates Committees to develop standard methodology will work with Army Corps of Engineers and DOT Department of the Interior December 2007 Heritage and Multi-Use Assets The Heritage Asset Partnership (HAP) will develop a CRV methodology by the end of FY 2008 Contact your bureaus representative to provide
input A Multi-Use asset meets the definition of a Heritage Asset but is predominantly used for a function that can be accomplished by a nonheritage asset. Department of the Interior December 2007 Other Important Policy Components Inflation Adjustment RS Means inflation factors, and the transportation factor, are used to inflate CRV
and DM. This will be completed by April 1 of each year. Training Bureaus are charged with ensuring staff have the requisite training and skill level to make CRV and DM estimates Department of the Interior December 2007 Financial Statement
Financial Statement The DM reporting range is to be -15 to +25 percent of the calculated value Department of the Interior December 2007 Keep in Mind.. CRV and DM estimates are made solely for the purpose of calculating FCI Do not use these CRV and DM values for
program formulation, to support a budget request, or as project estimates Only detailed estimates should be used for these activities Department of the Interior December 2007
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