The rates established by this Article shall be adjusted annually based upon changes in the Consumer Price Index for All Urban Consumers (CPI-U), All Items Index, Los Angeles-Riverside-Orange County, California Area (1982-84=100) (hereinafter “CPI”) published by the United States Department of Labor, Bureau of Labor Statistics. For each tax year, commencing on January 1, in which the CPI for the month of March of the immediately preceding year is greater than the CPI for March, 2013, the tax rates for such tax year shall be equal to the product of (i) the tax rates set forth in Section
5.22 of this Article multiplied by (ii) a fraction, the numerator of which is the CPI for the applicable month of March and the denominator of which is the CPI existing for March, 2013. For each tax year in which the CPI for the month of March of the immediately preceding year is not higher than the CPI for March, 2013, the tax rates shall not be reduced and shall be as set forth in Section
5.22 of this Article. If, in the future, the CPI is changed so that the CPI for March, 2013 differs from the CPI for such month used as of January 1, 2014, the CPI for such month shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. The City Clerk shall annually, no later than December 1 of each year, submit a written report to the City Council setting forth the tax rates for the following year calculated pursuant to this Section. Such adjusted rates shall be effective automatically, without action by the City Council, unless the City Council, by ordinance or resolution, chooses to set the taxes at lower rates.
