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Agenda 01/12/2016 Item #11A 1/12/2016 11 .A. EXECUTIVE SUMMARY Recommendation to accept and approve the proposed Parks and Recreation Division Fee Policy in order to establish guidance for future fees for services. OBJECTIVE: To provide a methodology in the determination and recommendation of fees charged for services, an automatic price index provision applicable to existing fees and authority for Division staff to on occasion set new fees for services outside of the budget process to be responsive to trends in Parks and Recreational Services. CONSIDERATIONS: On June 10, 2014, the Board directed staff to perform a comprehensive analysis of user fees and operating costs for the Parks and Recreation Division. Staff secured the services of Public Resources Management Group, Inc. (PRMG), a vendor under County contract, to perform the study. On January 27, 2015, the Board approved recommendations of the study, which included, among other things, a recommendation to develop a fee policy to establish a methodology for use in determining and calculating fees for service. The County Parks and Recreation Advisory Board supported the study recommendations, including the development of a Fee Policy. Cost recovery fee policies have been implemented by other local municipalities and counties around the Country and have served to help guide staff in developing rates for service. A common issue for most Parks and Recreation Divisions is that fees for service (often referred to as "Direct Revenues") typically only fund a portion of the total cost of operations. The National Parks and Recreation Association (NPRA), a leading non-profit organization dedicated to the advancement of public parks, recreation and conservation, has indicated based on their national database and surveyl1l that parks and recreation division services are approximately 30% funded by direct revenues for operating expenses. For reference the County funds approximately 37%12 of operating expenses from direct revenues. The following represents a comparison reported in the findings of the prior study performed by PRMG: City of Cape Coral Collier County Palm Beach County Lee County 48%* 37% 27% 19% *It should be noted that the City of Cape Coral does not include the cost of maintenance and is typically a significant operating expense to a parks and recreation division. It can be concluded that a majority of the fees charged by parks and recreation divisions do not fully recover the cost of service. The proposed fee policy provides guidance in establishing fees below or at full cost based on the following methodology: 1) Identify the cost components and cost of service (e.g., personnel, maintenance, materials and supplies, overhead, etc.); 111http://www.nrpa.org/uploadedFiles/PageBuilder_Proragis/Content/common_elelments/Field-Report.pdf [2]Estimate based on Fiscal Year 2015 operating revenue and expense budget. Packet Page-248- 1/12/2016 11 .A. 2) Determine the percent(0-100%) of targeted cost recovery; 3) Assess the billing units (e.g., patrons, admissions, class size etc.) associated with a service; and 4) Include considerations for market forces such as demand such that the County does not under recover for high demand services, etc. In addition to providing a formulated methodology for calculating fees for service the fee policy also includes provisions for: • Consideration for differentiating fees among customer groups (i.e., senior, youth, etc.); • Limiting changes to fees to no more than+/-10% a year unless otherwise approved by the BCC; • Annual price index to fees not formally evaluated intended to maintain existing cost recovery margins accounting for the inflation in the cost of service not to exceed 2.5% a year; and • Authority to Division staff to establish fees for new services outside the budget process or formal rate setting process intended to be responsive to changing demands/preferences for services by residents. Fees set in this manner are subsequently evaluated and approved through the next upcoming Board meeting. FISCAL IMPACT: There is no immediate fiscal impact associated with accepting this Fee Policy. However, the Fee Policy will serve as guidance in establishing future fees for service. Division staff annually provides estimates of revenues from fees through the budget process. GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this item. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issue, and requires majority vote for approval. -JAK RECOMMENDATION: That the Board of County Commissioners accepts and approves the Parks and Recreation Division Fee Policy developed by Public Resources Management Group Inc. Prepared by: Natali Betancur, Operations Analyst, Parks and Recreation Division Attachments: 1)Parks and Recreation Division Fee Policy Packet Page-249- 1/12/2016 11 .A. COLLIER COUNTY Board of County Commissioners Item Number: 11.11.A. Item Summary: Recommendation to accept and approve the proposed Parks and Recreation Division Fee Policy in order to establish guidance for future fees for services. Meeting Date: 1/12/2016 Prepared By Name: BetancurNatali Title: Operations Analyst,Public Services Department 9/16/2015 5:06:15 PM Approved By Name: WilliamsBarry Title:Division Director-Parks&Recreation, Public Services Department Date: 9/18/2015 4:15:16 PM Name: Washburnllonka Title: Manager-Park Operations,Public Services Department Date: 9/21/2015 10:35:58 AM Name: AlonsoHailey Title: Operations Analyst,Public Services Department Date: 9/28/2015 11:46:35 AM Name: TownsendAmanda Title:Division Director-Operations Support,Public Services Department Date: 10/9/2015 1:40:10 PM Name: CarnellSteve Title:Department Head-Public Services,Public Services Department Date: 10/15/2015 11:58:16 AM Name: KlatzkowJeff Title: County Attorney, Date: 10/15/2015 3:42:23 PM Packet Page-250- 1/12/2016 11 .A. Name: FinnEd Title: Management/Budget Analyst, Senior,Office of Management&Budget Date: 10/15/2015 6:58:41 PM Name: CasalanguidaNick Title: Deputy County Manager, County Managers Office Date: 12/29/2015 4:43:19 PM Packet Page-251- 1/12/2016 11.A. Co County COLLIER COUNTY PARKS AND RECREATION DIVISION r, December fy 2015 PRPublic Resources Management Group, Inc. MtM4: Utility, Rate, Financial, and Management Consultants Packet Page-252- 1/12/2016 11 .A. PR Public Resources Management Group, Inc. GUtility, Rate, Financial, and Management Consultants December 29, 2015 Ms. Ilonka E. Washburn, CFE Operations Manager Ms. Natali Betancur Operations Analyst Collier County Parks and Recreation Division 15000 Livingston Road Naples, FL 34109 Subject: Parks and Recreation Division Proposed Fee Policy Dear Ms. Washburn and Betancur: Public Resources Management Group, Inc. (PRMG) is pleased to submit this letter and report for your review and consideration regarding the preparation of the Collier County (the "County") Parks and Recreation Division (the "Division") Fee Policy (the "Fee Policy"). The Fee Policy was prepared based on the recommendation of the prior cost of service study (the "Prior Fee Study") presented at the January 27, 2015 Board of County Commissioners (the "Board") meeting and included as Appendix A to this letter. Recognizing that many parks and recreation fees under recover the cost of operation and maintenance, the Fee Policy is intended to provide a methodology for assigning cost recovery in development of the applicable fee. The methodology helps identify the cost of service, assign a cost recovery target based on a scorecard ranking of the benefits of a service and provides consideration of economic factors in design of the fee. The following provides a summary of the specific objectives of the Fee Policy: • A methodology/ formula for Division staff to use in identifying cost and in the calculation of fees for service; • Development of a methodology for assigning cost recovery targets in the calculation of fees for service; • Transparency and consistency in the method of calculating and establishing fees for service; and • An annual automatic price index to fees to provide for an allowance for the increase in the cost of operations and maintenance. 341 NORTH MAITLAND AVENUE—SUITE 300—MAITLAND,FL 32751 Tel: 407-628-2600 • Fax: 407-628-2610 • Email: PRMG @>PRMGinc.com • Website: www.PRMGinc.com Packet Page-253- 1/12/2016 11 .A. Collier County Government Parks and Recreation Department December 29, 2015 Page 2 We appreciate the opportunity to be of service to the County and would like to thank the Division for their assistance and participation in development of the Fee Policy. Very truly yours, Public Resources Management Group,Inc. & 4 ' (a‘: Robert J. Ori President Thierry A. Boveri, CGFM Supervising Consultant RJO/dlc Attachments Packet Page-254- 1/12/2016 11 .A. COLLIER COUNTY PARKS AND RECREATION DIVISION FEE POLICY TABLE OF CONTENTS Title Page No. Letter of Transmittal Table of Contents i 1.0 General 1 2.0 Fee Formula and Methodlogy 1 2.1 Cost of Service 1 2.2 Cost Recovery Target 3 2.3 Billing Units 5 2.4 Market Adjustment Factor 5 2.5 Fee Categories and Pricing Differentiation 6 2.6 Maximum Rate Change for Existing Fees 6 2.7 Existing Fees as a Proxy for Establishing New Fees 7 2.8 Rounding of Fees 7 3.0 General Provisions 7 3.1 Ultimate Authority in Establishing Fees 7 3.2 Effective and Applicable 7 3.3 Exception to Applicability of Fee Methodology in Determining Fees 7 3.4 Division Staff Authority in Setting Interim Fees for New Service 7 3.5 Periodic Review 7 3.6 Recording Fees 8 4.0 Automatic Price Index Provision 8 (Remainder of page intentionally left blank) -1- Packet Page-255- `9y0`°,„v4. 1/12/2016 11 .A. Parks Recreation t n PGry<((meet c-1k ,n er COLLIER COUNTY PARKS AND RECREATION FEE POLICY 1.0 GENERAL The Parks and Recreation Division (the "Division") is responsible for the maintenance and preservation of County parks and lands as well as providing a variety of recreational, education, fitness and other services in support of the Division's mission and the County's strategic initiatives. The following represents the mission of the Division: "Our mission is to enrich the quality of life for the community and visitors and protect the natural resources of Collier County." In achieving the mission statement of the Division several key strategic initiatives, adapted from the County's Strategic Plan, were identified and incorporated in the development of this policy: ❖ Address the Health, Recreational and Educational Needs of the Community's Youth, Senior, and Persons with Disabilities; ❖ Address the Needs of Low Income and Indigent Populations; and ❖ Promote the Safety and Security of the Community. The National Parks and Recreation Association (the "NPRA") in their 2015 Field Report and National Database Analysis noted that the median cost recovery from direct revenues/ fees for service was approximately 30% for approximately 517 surveyed agencies. For comparison, the Division's cost recovery from direct revenues was approximately 37% based on estimates contained in the 2015 budget. Recognizing that few or no parks and recreation fees fully recover the cost of operation and maintenance, the objective of the Fee Policy is aimed at providing a reasonable methodology to identify the cost of service, assign cost recovery targets and calculate fees. 2.0 FEE FORMULA AND METHODLOGY Fee=[(Cost of Service x Cost Recovery Target)/Billing Units]*Market Adjustment Factor The fee for service is calculated by assigning the cost of service adjusted for the cost recovery target and then calculated per billing unit to determine the corresponding fee and adjusted for market or economic factors as shown above. The following section provides a discussion of the elements that comprise the formula. (Remainder of page intentionally left blank) -1- Packet Page -256- 1/12/2016 11 .A. 2.1 Cost of Service Fee=[(Cost of Service x Cost Recovery Target)/Billing Units]*Market Adjustment Factor The cost of service means the total identified expenditures considered in that rate/fee evaluation which shall be based on the estimated or budgeted costs and assumes a practical methodology for assigning costs in calculation of a fee. This Fee Policy assumes the fee is intended to recover the operating costs and excludes any capitalized facility infrastructure costs. The cost of service is therefore comprised of direct costs plus an allowance for overhead expenses. Direct costs may generally be classified as either Labor/Contracted Labor, Maintenance/Utility Costs, Supplies/ Materials and/ or Other Expenses. The following provides guidance as to the methodology for calculating and assigning costs: Cost of Service = Direct Costs [Labor/ Contracted Labor, Maintenance/ Utility Costs, Materials/Supplies or Other Direct Costs] + Overhead Costs A. Labor/Contracted Labor: 1. Labor (i.e., total personnel costs including benefits) and contracted labor costs directly assigned or required to provide program. 2. Labor costs should be assigned or calculated based on the estimated time required to provide service (e.g., 1 FTE x 1 Hour x $15 per hour) or if an employee supports multiple services may be allocated based on a reasonable estimate of the individuals time spent supporting a service (e.g., 50% of FTE time spent on program A, and 50% of FTE time spent on program B). 3. Unless specifically allocated through the budget to a program or service, indirect labor costs such as administration or customer service may be assumed to be recovered through the overhead allowance. B. Utility and Maintenance: 1. Identify the specific cost of electric, water, sewer, solid waste, stormwater and facility maintenance expenses required to provide a service. Such costs may be assigned to a particular fee based on the time of facility use and the allocable use of the facility (e.g., square footage). 2. If it is impractical to identify the specific cost of utility and/ or maintenance pursuant to the method described in item B 1, a proxy for such costs may be assumed as a mark- up factor calculated as either: i. The current or proposed total Division budgeted expenses for the utility and maintenance expenses pursuant to the respective budgetary cost center from which the service is funded as a percent of the total current or proposed Division budgetary operating expenses for the respective cost center; or ii. If the current or proposed budget does not allocate the cost of utilities or maintenance to a respective cost center then the respective markup may be determined based upon the total Division current or proposed budgeted expenses for the respective costs (i.e., utility and/or maintenance expenses) as a percent of the current or proposed total operating expense budget for the Division. C. Materials and Supplies: Identify any specific materials and supplies financed by the Division in support of a program or service. -2- Packet Page-257- 1/12/2016 11 .A. 2.1 Cost of Service (cont'd.) D. Other Expenses: 1. Costs which may be specifically identified to a specific program that is not categorized as either labor, utility, maintenance, materials or supplies should be included in the calculation of the cost of service. Such costs may include, but are not limited to recurring or required training of staff to provide a service, licenses or permits, credit card fees as a percent of the total fee, prizes and food provided as part of the program not funded from other sources, etc. E. Overhead expenses: 1. A markup of 10% of the direct costs is assumed in the calculation of the fee. This markup represents an allowance to recover the overhead cost of administration and management, operation(e.g., insurance), or other indirect costs. 2.2 Cost Recovery Target Fee=[(Cost of Service x Cost Recovery Target)/Billing Units]*Market Adjustment Factor The fees for parks and recreational services are not always designed to recover the full cost of service and may require supplemental funding from other sources such as general fund contributions, assessments, grants or other sources. Establishing a cost recovery methodology provides the basis for the apportionment of funding from direct and other sources of revenue. The methodology assigns a lower cost recovery from direct revenues/ fees if the service promotes a community benefit and/ or promotes specific strategic initiatives. The methodology assigns a higher cost recovery from direct revenues/ fees if the program does not promote a community or strategic initiative. The following provides an illustration of this concept: Cost Recovery Target (%) = 1 — (Score/10) Fees/Direct Funding of Service Other/Indirect Revenues Revenues Individual/ Benefit of Service Community I Non-Initiative Strategic Initiative As can be seen above, the graphic illustrates the cost recovery relationship among the sources of funding (e.g., Recover Costs from Fees vs. Recover Costs from Contributions or Sources Other Than Fees) relative to the benefit of a service (e.g., Benefits Individual vs. Benefits Community). The cost recovery target methodology utilizes a scorecard system with an overall possible scoring of ten (10) points based on five (5) benefits criteria. The higher the cost recovery target score, the lower the cost recovery target from the representative fee. Service Benefit Scoring Criteria Community Youth& Disabled Low Income Community Max Score (0-5) Senior(0-3) (0-5) (0-2) T Safety(0-1) ®' (0-10) -3- Packet Page-258- 1/12/2016 11.A. 2.2 Cost Recovery Target (coned.) The total points for each criteria totals sixteen (16) points however the maximum score is ten (10)points. This recognizes that the programs generally do not meet all the criteria requirements for a particular program. The specific methodology for scoring is described below and a summary of the scoring: Criteria 1-Community Benefit(Possible Score=0-5) A 111 Tr • IP •Criteria:A service which benefits the community rather than the individual. ��t Scoring A point is assigned based on the number of people the category of service may benefit ' w 4 throughout the year. 1 Point:- 50 1,000 People;2 Points 1,001. 2,500 People;3 Points=2,501 4,000 People,4 Points=>4,001 6000 People;and 5 Points=>6,000 People. •Example:Snowfestattracts about 15,000 people and would score five(5)points. Criteria 2-Needs of Youth&Seniors(Possible Score=0-3) •Criteria:A service which provides a Health,Recreational and/or Educational Benefit to either the Youth,Seniors or Disabled. *Scoring:A point is assigned for each element(i.e.,Health,Recreation or Education)of need for `' either the Youth,Senior,Disabled or Poor. +Example:Youth summer camps provide recreation and education scoring1 two("-)points. if 9' Criteria 3-Needs of Persons with Disabilities(Possible Score=0/5) 419 f n & *Criteria':A service which provides a Health,Recreational and/or Educational Benefit to persons with 1,'+r — ' disabilities Qtik . it Scoring Five(5)points may be assigned if a service is specifically designed to,provide a benefit to persons with disabilities. *Example:Adaptive Sailing would score five(5)points. Criteria 4-Needs of Low Income(Possible Score=0/2) �f/ :+ Criteria:A service which is offered in a low income neighborhood or targeted to the low income x '. - Iff residents for the benefit of the community. ;rr , t ! l r *Scoring:Two(2)points may be assigned if the service is offered in a low income neighborhood or A'411. . targeting low income residents to promote and;preserve the local community. * •Example:Classes offered in low income neighborhoods would score two(2)points. Criteria 5-Community Safety and Education(Possible Score=0/1) *Criteria.A service which educates the community about safety or makes the community safer k k, •Scoring:A point maybe assigned if a service promotes safety for the community. ma ; as` '`,", r ExampleBeginners swimming promotes public safetybyeducatingthe public about how to swim ""'t' ' " ` , and scores one(1)point.Youth recreation which provides after hour activities and a venue for sports,recreation oreducational activities may score one(1)point. -4- Packet Page-259- 1/12/2016 11.A. 2.3 Billing Units Fee =[(Cost of Service x Cost Recovery Target)/Billing Units)*Market Adjustment Factor Billing units represent the amount and unit of measurement for which a fee is denominated. It is also considered the unit of cost apportionment. Billing Units = Units Billed for Service The unit of measurement for a billing unit is typically either a patron (i.e., adult, child, senior, participant, etc.), per some period of time (i.e.,per hour, per day, per week, etc.) per class, per league or some combination thereof. The existing basis or unit of measurement for an existing fee can be used; however, this policy does not limit Division staff to a particular basis for developing the billing units. 2.4 Market Adjustment Factor Fee=[(Cost of Service x Cost Recovery Target)/Billing Units]*Market Adjustment Factor In the development of a fee for service market factors such as demand and pricing were considered in order to promote revenue generation of the rates. In some instances raising or lowering a fee may generate increased revenues or demand for service; however, other factors such as access and convenience of a service (e.g., distance/ travel time, when a service is offered, etc.), weather, season, changing preferences, etc. may also affect participation. It may not be feasible for staff to know the specific effects to demand from price changes and therefore this Fee Policy advocates for an incremental approach to changes in existing fees (i.e., limit changes to existing fees +/-5% for market adjustments). The following provides a general methodology and criteria for determining the Market Adjustment Factor: Market Adjustment Criteria: A. Market Adjustment Criteria—Instances of Raising Fees: 1. High Participation and Low Cost Recovery per Participant i. Qualifies if a service is roughly equal to or greater than 75% participation/ capacity and the cost recovery is estimated to be less than 15% of full cost recovery; ii. Market Adjustment=Calculated Fee x 0+(Existing Fee x 105%) B. Market Adjustment Criteria—Instances of Lowering Fees: 1. Low Participation and High Cost Recovery i. Qualifies if a service is roughly less than 30%participation/capacity and the cost recovery is estimated to be greater than 75%of full cost recovery; ii. Market Adjustment=Calculated Fee x 0+(Existing Fee x 95%) C. Market Adjustment Criteria—Alternative Method: 1. An alternative methodology may be assumed in development of the market adjustment factor provided that: i. the basis provides a logical nexus to the recommendation; and ii. the calculated fee is not more than a 5%change from the existing fee. -5- Packet Page-260- 1/12/2016 11.A. 2.5 Fee Categories and Pricing Differentiation In some instances fees for a service or admission to a facility may vary depending upon the season, patron age or other factor. This Fee Policy refers to differences in pricing based on the characteristic of the patron or other factor of differentiation as "price differentiation." This provision is intended to provide general guidance when considering pricing differentiation for various types of services and facilities. In theory, providing a reduced fee for certain customer groups or other differentiating factor may raise participation in a program. Moreover, increased participation may also provide for an increase in overall revenue generation as well as promote or move the program toward a"higher" community benefit basis. Methodology for Price/Fee Differentiation: A. Survey and assess patrons and services to identify specific characteristics. 1. Do all customers benefit from the service in the same way and/ or does the cost of providing service vary among certain types of patrons; 2. What similarities or differences exist among current patrons participating in particular program; 3. Determine why existing patrons use the service/facility; etc. B. Identify a basis or specific factor of differentiation: 1. Patron Characteristic: Age, Height, Organization, etc. 2. Time of Demand: Peak season/Non-peak season, Peak Hour and Non-peak hour, etc. 3. Heavy User or Committed Patron: members/ non-member pricing, purchasing multiple service,punch cards etc. C. Provide a reasonable nexus among a desired outcome and price differentiation: 1. For example, Division staff believes they may increase net revenues (outcome) and use of a facility by providing a separate admission charge (price differentiation) for seniors or youth at a discounted rate. 2. For example, Division staff believes providing a reduced rate for booking multiple classes or services by selling at a package price (price differentiation). D. Calculate the new fee by following the fee methodology identified in this Fee Policy. E. If possible, estimate the expected increase in participation, revenues and costs and identify if the desired outcome may be achieved. Follow-up and possible fee re-calibration after a reasonable period of time after implementation to assess if the differentiated fee achieved the desired outcome. 2.6 Maximum Rate Change for Existing Fees In determination of the calculated fees for service no fee shall be adjusted by more than ten percent (10%) in a given year to minimize rate shock potentially affecting demand for service, unless otherwise authorized by the Board. -6- Packet Page-261- 1/12/2016 11.A. 2.7 Existing Fees as a Proxy for Establishing New Fees If staff cannot reasonably estimate the cost and billing units associated with a new service an existing fee may be used as a proxy until the actual cost and billing units can be reasonably determined. Provision 2.6 of this Fee Policy does not apply to the initial calculation of a fee if the current fee for service was established by fee proxy. 2.8 Rounding of Fees Fees may be rounded to simplify the cost of collection for cash transactions or for other purposes. Any rounding should be noted in any calculated fee amounts. 3.0 GENERAL PROVISIONS 3.1 Ultimate Authority in Establishing Fees The Board has the ultimate authority for the establishment of fees for parks and recreational services provided by the County. This Fee Policy does not constitute a requirement that fees be adopted by utilizing this methodology. 3.2 Effective and Applicable This Fee Policy shall be effective upon formal approval by the Board and shall be applicable to the determination of all new fees or to changes in existing fees. 3.3 Exception to Applicability of Fee Methodology in Determining Fees An exception to applying the fee methodology is granted by this provision for: A. Privately Contracted Services: A class or service managed or performed by a private contractor where compensation to the private contractor is based on a percent of the total fees received (e.g., a contractor receives 65% of the total fees received). The proportionate percentage is assumed to be established by specific agreement and/or by Board approval. B. Not-for-profit Organization Fees: The Board may adopt by resolution fees at a reduced or discounted rate for non-profit organizations. This policy provides that Category I (non- profit) user fees may be established either through the methodology of this fee policy or by reduced rate as established by the Board. 3.4 Division Staff Authority in Setting Interim Fees for New Service New fees may be introduced by the Division Director or the Collier County Public Services Department Head on an interim basis outside of Board approval during times of Board absence; however, the new fee will be brought forward to the Board at the next available meeting for ratification. The new interim fee will be calculated in accordance with this policy. 3.5 Periodic Review This Fee policy recommends that Division staff evaluate existing fees as needed and/or subsequent to material changes in the cost of operation and maintenance. -7- Packet Page-262- 1/12/2016 11 .A. 3.6 Recording Fees Division staff should maintain a record for each park and recreational fee calculation performed pursuant to this Fee Policy. 4.0 AUTOMATIC PRICE INDEX PROVISION The on-going effects of inflation on the cost of providing service can erode the ability to recover the identified cost of service identified or set for a particular fee over time. The calculated fees for service shall include an annual automatic price index adjustment tied to the average annual change in the South Urban Consumer Price Index (CUUR0300SA0) as reported by the Bureau of Labor Statistics for the most recently completed fiscal year of the County relative to the immediately preceding fiscal year. The automatic adjustment for any existing fee may be in lieu of calculating the fee for service pursuant to Section 2 of this Fee Policy. The automatic price index may be implemented annually (e.g., through the budgetary process) at the discretion of the Board and may not be less than 0% and may not be greater than 2.5% in a given year. Fees may be reasonably rounded to simplify customer service and the cost of collection for cash transactions or for other purposes. The following provides a formulaic presentation of the application of the price index: Indexed Fee=Round [Existing Fee x (PI2/PI1)] Where Index= (PI2/PI1) =Must be greater than 1.000 and less than or equal to 1.025; Where Price Index 2 (PI2) = Average of monthly indices for the most recently completed Fiscal Year; and Where Price Index 1 (PI1) = Average of monthly indices for the immediately preceding Fiscal Year for PI2. The following provides an example of how to determine the price index: 1. PI2=229.876 as determined below: South urban Consumer Price Index(CUUR0300SA0)-Price Index 2(PI2)-FY2014 Month Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Year 2013 2013 2013 2014 2014 2014 2014 2014 2014 2014 2014 2014 Avg. Index 227.420 226.811 227.082 227.673 228.664 230.095 231.346 231.762 232.269 232.013 231.611 231.7621 229.8761 2. PI1 =225.863 as determined below: South urban Consumer Price Index(CUUR0300SA0)-Price Index 1(PI1)-FY2013 Month Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Year 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 Avg. Index 224.504 223.404 223.109 223.933 225.874 226.628 226.202 226.289 227.148 227.548 227.837 227.8761 225.8631 3. Index=PI2 /PI1 = 1.0178 (note this falls within the range of 1.000 and 1.025) 4. Existing Fee= $10.00 5. Index Fee= $10.00 x 1.0178 =$10.18 =$10.20 (rounded). -8- Packet Page-263-