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Senate panel approves updated property-disposition thresholds to reflect inflation
Summary
The committee approved legislation raising the dollar thresholds that trigger Board of Finance review for real and personal property disposition, and state-agency disposal, citing decades of unchanged limits.
Senators considered a bill to update thresholds for Board of Finance approval of property dispositions and agency disposals. The sponsor said the thresholds had not been revised since the late 1980s and that the change was intended to reduce administrative burden for low-value transactions. The adopted bill raised the real-property disposition threshold from $5,000 to $30,000, increased the cap for disposition review to higher tiers, and moved state-agency disposal thresholds from $100,000 to $550,000 in the language presented.
Ashley Leach, director at the Board of Finance, testified the change would help avoid frequent low-value approvals at the board level and noted the board would continue to evaluate entities and processes in the coming year. Committee members asked about public notice and process for sales; Leach said local public bodies must secure local public approvals before presenting disposals to the Board of Finance and that disposition methods varied by case.
The committee adopted a friendly amendment to add community colleges explicitly to the entities list and passed the measure by roll call; the clerk recorded a unanimous committee do-pass with nine ayes and no negatives.
Ending: The bill passed out of committee as amended; senators agreed the thresholds had become outdated and that the Board of Finance would follow up with implementation review.
