The funding will be obligated within the O&M timeframe of one year and work will begin. Can the period of performance be greater than one year?
We answered similar questions often here at AAP; in this case the answer is "it depends".
If your services are severable than the answer is NO, it may not [see FAR 32.703-3(b) and DFARS 232.703-3(b)]. An example of severable services would be "custodial services" were you can inspect and accept work performed over a given time period (week, month, etc.) and pay for that time frame's performance.
If the service is non-severable (e.g. a special study, or a report, etc.) and it will take longer than 1 year for the contractor to complete the performance... then YES, you should be able to use current year O&M for that (providing O&M is the proper appropriation under the purpose statute).
As always, you should consult with your fiscal and contract counsel prior to entering such a procurement.