(a) Yearly adjustment. Prior to each fiscal year, the Controller shall adjust all development impact fees set forth in this title based on the methodology set forth in subsection (b).
(b) Methodology. The base for computing an adjustment is the most recent 20-City Annual National Average Construction Cost Index from the Engineering News-Record (ENR). The initial index to be referenced is January, 2008. All fees shall be adjusted by the percent change in the index rounded to the nearest dollar, and the adjustments automatically shall be effective on the first day of July for each fiscal year.
(1985 Code, Art. 24, § 7-112) (Bill No. 50-87; Bill No. 31-91; Bill No. 96-01; Bill No. 71-08; Bill No. 45-12)