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so�"r's�s City of Sunny Isles Beach <br /> I `�T 18070 Collins Avenue <br /> r, �n <br /> u Sunny Isles Beach,Florida 33160 <br /> '4, �°s'; f`a—.44 y�* (305)947-0606 City Hall <br /> c't*os sus 'IIQ (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> FROM: Minal Shah, Finance Director <br /> DATE: 12/20/2012 <br /> RE: Annual Fee Escalation for the Stormwater Fee (ERU Rate) <br /> RECOMMENDATION: <br /> Staff is requesting Commission approve an annual rate increase provision for the <br /> Stormwater Fee. Staff is recommending the rate of one (1) ERU, which is currently at <br /> $4.00 per month be adjusted annually for inflation starting on January 1, 2013 based on <br /> the Consumer Price Index (CPI) published by the Bureau of Labor Statistics for Miami- <br /> Fort Lauderdale metropolitan area not to be less than 0% and not to exceed 3%. <br /> REASONS: <br /> Providing for an annual CPI escalation will allow the City to financially manage <br /> inflationary increases in operating costs to manage the Stormwater Operations. This <br /> practice will mitigate costs outpacing revenues, which can ultimately result in a fund <br /> balance deficit and/or an inevitable significant rate increase. <br /> ADDITIONAL INFORMATION: <br /> The CPI increase will be calculated using the annual change for October which equates to <br /> 2%. The new rate will be $4.08 per ERU per Month. <br /> ATTACHMENTS: <br /> Ordinance <br /> • Notice of Public Hearing <br /> Agenda Item 9 A' <br /> Date ) ', 2.0 -'?v <br />