In January of each year, the director of the utilities department shall adjust the fee schedules then in effect for the development fees imposed by Sections 13.08.480 and 13.08.490 of this code to compensate for any increase in construction costs that has occurred since the previous adjustment. This adjustment shall be made by applying the following methodology:
A. The director shall first calculate the "current construction cost index," which shall be the average of: (i) the average construction cost index for twenty (20) U.S. cities published in the appropriate January issue of "Engineering News Record" (ENR) magazine, and (ii) the construction cost index for San Francisco published in the same issue of ENR magazine.
B. The director shall then calculate the "fee adjustment factor," by dividing the current construction cost index calculated pursuant to subsection A, above, by the construction cost index that was calculated in January of the last year in which the applicable development fee schedule was changed.
C. If the fee adjustment factor calculated pursuant to subsection B, above, is one or less, the applicable development fee schedule then in effect will remain unchanged. If the fee adjustment factor calculated pursuant to subsection B, above, is greater than one, the director shall adjust the applicable development fee schedule then in effect by multiplying each of the fees therein by the fee adjustment factor. If the fee schedule for the development fee imposed by Section 13.08.480 or Section 13.08.490 is adjusted as provided herein, the adjusted development fee schedule shall become effective on July 1st following the January when the fee adjustment factor is calculated pursuant to subsections A and B, above. (Ord. 2005-020 § 2)