(A) Adjustment. The campaign contribution limits and loan limits set forth in sections 2-243 and 2-244, shall be adjusted by the city in February at two year intervals beginning in 2023 to reflect annual changes in the consumer price index (CPI) over the previous two-year period. The city clerk shall use the annual percent change in the consumer price index for all urban consumers (CPI-U) for the selected area that includes Ventura County to determine the appropriate rate of increase. The city clerk shall compute the adjustment for each year separately, adding the adjustment for each year to the prior year’s limit. The city clerk shall then adjust the total amount for the two-year period as specified in subsection (B). The new limit representing the rounded total adjustments for the previous two-year period shall be presented to the city council for approval by resolution.
(B) If the last two digits of the total adjusted limit under subsection (A) for the two-year period is a number between one and 49, then the limit shall be rounded down to the next lowest multiple of 100. If the last two digits of the total adjusted limit for the two-year period is a number between 50 and 99, then the limit shall be rounded up to the next highest multiple of 100.
(Ord. No. 2976)