The amount of fee assessments shall be determined by resolution adopted by the city council. Fees shall be adjusted annually by modifying the adopted value up or down in conformance with the California Construction Cost Index as published by the California Department of General Services. The factor for the adjustment of the fees shall be calculated and established each July by the finance director, utilizing the following formula:

Factor = 1 + ((Current Index - Base Index for Date of Adoption) / (Base Index for Date of Adoption)) (Ord. 1663 § 4 (Exh. A (part)), 2019)