Where it is indicated in this code that a fee is subject to inflation adjustment pursuant to this section, on each July 1, the amount of the fee shall be recalculated according to the following formula:
Adjusted Rate = Prior Rate * Most Recent ENR / ENR for Prior Rate
Where the "Prior Rate" is the rate in effect prior at the time this adjustment is calculated, "Most Recent ENR" is the most recently published construction cost index when the adjustment is calculated and "ENR at Council-Approval" is the construction cost index (i) used to calculated the prior rate when it was set pursuant to this section or (ii) published for the month in which the council approved the "Prior Rate." "Construction cost index" means the construction cost index for the San Francisco Bay Area set forth in the Engineering News Record published by McGraw Hill and Associates. In the event the Engineering News Record ceases to calculate and publish this index, then the city manager may designate a comparable, alternative index to serve as the construction cost index.
The existing rate for a fee shall remain in effect until the recalculated rate is adopted and effective pursuant to Section 16.64.050.
(Ord. 5400 § 17 (part), 2016)