Ohio Admin. Code 153:1-9-01 - Adjusting the public bidding threshold for inflation
For the purposes
of this chapter:
"Rate of inflation" has the same meaning as in section
107.032 of the Revised
"Public bidding threshold" means the monetary
threshold contained in section
153.01 of the Revised
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:
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
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.
adjustments that occur every five years, the executive director shall:
rate of inflation in the same manner as in (B)(1) of this rule.
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
calculation results in section (C) results in no change in the public bidding
threshold, no change to this rule is required.
bidding threshold shall be posted on the commission's website at
Beginning in January 2017 until the next adjustment
period, the public bidding threshold is two hundred fifteen thousand dollars
($215, 000.00 ).
Promulgated Under: 119.03
Statutory Authority: 153.53
Rule Amplifies: 153.01
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