Ohio Admin. Code 153:1-9-01 - Adjusting the public bidding threshold for inflation
(A) For the purposes of this chapter:
(1) "Rate of inflation" has the same meaning
as in section 107.032 of the Revised
Code.
(2) "Public bidding
threshold" means the monetary threshold contained in section
153.01 of the Revised
Code.
(B) The executive
director of the Ohio facilities construction commission shall evaluate the
public bidding threshold and adjust the amount based on the average rate of
inflation during each of the previous five years immediately preceding the
adjustment by doing the following:
(1)
Determine the rate of inflation by calculating the percent change in the
average annual consumer price index (CPI-U), all urban consumers, midwest, all
items, for the previous five calendar years as published by the U.S. department
of labor, bureau of labor statistics in the month of January following the
fifth year.
(2) Adjust the public
bidding threshold by multiplying the calculated preceding five-year rate of
inflation by the baseline public bidding threshold and rounding the result to
the nearest five thousand dollars to establish the public bidding
threshold.
(C) For
subsequent adjustments that occur every five years, the executive director
shall:
(1) Determine the rate of inflation in
the same manner as in paragraph (B)(1) of this rule.
(2) Adjust the public bidding threshold by
multiplying the rate of inflation by the amount calculated previously as a
threshold prior to rounding, and then rounding the result to the nearest five
thousand dollars to establish the adjusted public bidding threshold.
(D) If the calculation results in
paragraph (C) of this rule results in no change in the public bidding
threshold, no change to this rule is required.
(E) The public bidding threshold shall be
posted on the commission's website at http://ofcc.ohio.gov.
(F) Beginning in January
2017
2023
until the next adjustment period, the public bidding threshold is two hundred
fifteen
fifty
thousand dollars.
Notes
Promulgated Under: 119.03
Statutory Authority: 153.53
Rule Amplifies: 153.01
Prior Effective Dates: 01/13/2017
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