A. The PIFs in the fee schedule shall be indexed to provide for an automatic fee adjustment according to the following schedule every two years beginning January 1, 2022, to reflect changes in project costs due to industry trends. The Engineering News Record Construction Cost Index (CCI) will be used to determine the adjustment in fees. The adjustment will be based on a two-year simple moving average, the mean of the previous two years CCI, of the two most recent calendar years CCI data that is available.

B. The rate study supporting the PIFs in the fee schedule shall be updated periodically, unless the city determines that circumstances have not changed to warrant an update. (Ord. 3288 § 3, 2018)