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Letter to the Honorable Paul Ryan Regarding Estimating the Budgetary Effects of Disposing of Land and Associated Natural Resources 1 (December 2, 2014)

handle is hein.congrec/cbo1992 and id is 1 raw text is: O CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 December 2, 2014 Honorable Paul Ryan Chairman Committee on the Budget U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: As you requested, this letter explains the Congressional Budget Office's (CBO's) general approach to estimating the budgetary effects of legislation that would authorize or require the federal government to dispose of land and associated natural resources through sale, exchange, or transfer. One broad principle underlies all such estimates: Because the federal budget mostly records cash flows on a year-by-year basis, the estimated budgetary effects of proposed land sales, exchanges, or transfers are shown on a cash basis for the coming 10 years; the value of the land involved affects the budget estimates only to the extent that it affects the projected cash flows. Those flows are estimated on the basis of the specific characteristics of the land in question. Under what circumstances would CBO estimate that legislation requiring the federal government to dispose of federal land and associated resources would result in a cost to the government? In general, CBO estimates that legislation authorizing or mandating the disposal of federal land would have a cost when it expects that, in the absence of the legislation, that land will generate net receipts for the U.S. Treasury and that those receipts will exceed any net cash proceeds that would result from the sale, exchange, or transfer. Federal lands may generate receipts in a variety of ways. For example: * Resources on the land-timber, geothermal, coal, oil, or other natural resources-may be developed by private parties who pay

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