The White House wants to change the way the federal government funds major building construction projects, like the pending replacement of the FBI headquarters.
Under a proposal detailed Monday, the administration is seeking $10 billion in mandatory funding for the General Services Administration to set up a Federal Capital Revolving Fund, which would allow the GSA to fund major construction projects at their outset, with the client agencies effectively replenishing the fund for up to 15 years.
“Balances in the FCRF would be available for transfer to purchasing agencies to fund large-dollar capital acquisitions only to the extent projects are designated in advance in appropriations Acts and the agency receives a discretionary appropriation for the first of a maximum of 15 required annual repayments,” the administration explains in the president’s fiscal 2024 budget request’s analytical perspectives volume.
