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H.R. 3080, Water Resources Reform and Development Act of 2014 1 (May 19, 2014)

handle is hein.congrec/cbo1633 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 May 19, 2014 Honorable Bill Shuster Chairman Committee on Transportation and Infrastructure U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: As you requested, CBO has prepared a cost estimate for the conference agreement on H.R. 3080, the Water Resources Reform and Development Act of 2014, as posted on the Committee on Transportation and Infrastructure's website on May 15, 2014. The legislation would authorize the U.S. Army Corps of Engineers (Corps) to construct water projects to mitigate storm and hurricane damage, restore ecosystems, and improve flood management. The legislation also would authorize the Corps to assist state and local governments with levee safety programs and to assist Indian tribes with water resources projects. Finally, the legislation would authorize the Environmental Protection Agency (EPA) to provide loans or loan guarantees to state and local governments and certain nongovernmental entities to complete water infrastructure projects. Estimated Budgetary Effects The estimated budgetary effects of the conference agreement are shown in the table on page 2. This estimate is based on information from the Corps about the cost of work it would be authorized to perform under H.R. 3080 and the feasible schedules for beginning and completing construction of projects authorized by the legislation. The costs of the legislation fall within budget functions 300 (natural resources and environment) and 450 (community and regional development). Discretionary Costs. Based on information from the Corps and EPA, and assuming the appropriation of the specified and necessary amounts, including adjustments for anticipated increases in construction costs, CBO estimates that implementing the legislation would cost $5.4 billion over the 2015-2019 period. CBU estimates that spending over the 2020-2024 period would total $6.9 billion, with additional spending continuing for many years after 2024. Major components of that cost include:

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