OMB has issued a report identifying real property assets that are unneeded and could be disposed of to reduce operating costs and more effectively manage federal assets.
The report identifies 21,802 federal real property assets worth $17.7 billion as either excess — property under agency control but not required as determined by the agency head, or surplus – property declared excess by a particular agency and determined by GSA to be no longer required by the government.
As of April 1, 2007, there were 509 properties for sale government-wide, of which OMB determined 76 domestic and 54 overseas properties to be most eligible, representing about $362 million.
Those properties include the Norwalk, CA, Defense Fuel Support Point and a chancery building in Katmandu.
The report also lists 379 other properties with an estimated replacement value of $573 million that were available for sale as of April 1, 2007.
The Department of Agriculture has close to $1 billion in excess property, according to the report.
"Agencies have made great progress in more effectively managing our real property assets, but today’s report shows the volume of unnecessary properties is such that agencies need additional tools to more effectively manage their real property," said Clay Johnson, OMB’s deputy management director.
A pilot program outlined in the White House’s fiscal 2008 budget would allow agencies to retain 20 percent of the net proceeds of a sale, with the remaining returned to the Treasury.
As of fiscal 2006, the federal government maintains over 1.2 million real property assets with a replacement value estimated at $1.5 trillion.
