Section 47.60.345 - Life-cycle cost model on capital assets(1) The department shall maintain a life-cycle cost model on capital assets such that: (a) Available industry standards are used for estimating the life of an asset, and department-adopted standard life cycles derived from the experience of similar public and private entities are used when industry standards are not available;(b) Standard estimated life is adjusted for asset condition when inspections are made;(c) It does not include utilities or other systems that are not replaced on a standard life cycle; and(d) It does not include assets not yet built.(2) All assets in the life-cycle cost model must be inspected and updated in the life-cycle cost model for asset condition at least every three years.(3) The life-cycle cost model shall be used when estimating future terminal and vessel preservation needs.(4) The life-cycle cost model shall be the basis for developing the budget request for terminal and vessel preservation funding.2008 c 124 § 4; 2007 c 512 § 10.Finding-Intent-2007 c 512: See note following RCW 47.06.140.