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Committee approves municipal-code change updating index used to set annual park fees
Summary
The Arts, Parks, Libraries and Community Enrichment Committee approved an amendment to the Los Angeles Municipal Code to update one indexing source used in the annual park fee adjustment and confirmed timelines and allowable uses for park-fee revenue.
The Arts, Parks, Libraries and Community Enrichment Committee approved an amendment to the Los Angeles Municipal Code to update one of the indexing sources used to calculate the city's annual park fee adjustment. The committee voted to move forward with using a weighted average of the Engineering News-Record construction cost index and the Federal Reserve Economic Data (FRED) all-transactions house price index for Los Angeles, Long Beach and Glendale.
The change applies to a portion of Article 10, Chapter 1A of the Los Angeles Municipal Code and is intended to align the park-fee adjustment methodology with a…
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