Agmt21 San Mateo County Library Joint Powers Authority

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EXHIBIT "B" Financial Contribution to Operating Costs In accordance with Section 1 of the Agreement, the City will contribute funding to the operating costs of the Library as follows. For clarity, each fiscal year ("FY") begins on July 1 and concludes on June 30 of the subject year. Year 1 (16 month period) (March 15, 2021 - June 30, 2022): $0. Year 2 (FY 2022-23): $400,000 (to be referred to as the "base contribution"). Years 3 -- 5 (FYs 2023-24 through 2025-26): The contribution for years 3 through 5 shall be increased or decreased by the percentage increase or decrease in the Consumer Price Index for the San Francisco -Oakland -San Jose area ("CPI") over the prior year, as of December 1 of the previous fiscal year. Years 6 - 10 (FYs 2026-27 through 2030-31): The contribution for years 6 through 10 shall be increased or decreased by the percentage increase or decrease in the CPI over the prior year, as of December of the applicable fiscal year, unless, pursuant to Section 1.e. of the Agreement, the City is following the "Years 6 - 10 Adjusted Payment Schedule" as follows: • Year 6 (FY 2026-27): Base contribution shall be adjusted if City contribution is more than or less than 50 percent of the Library operating costs, for a level of service similar to that provided by the City in Fiscal Year 2018-19 (50 hours of service per week), during the prior fiscal year (FY 2025-26). This amount shall be referred to as the "Year 6 base contribution." Years 7 - 10 (FYs 2027-28 through 2030-31): The contribution for years 7 through 10 shall be increased or decreased by the percentage increase or decrease in the CPI as of December 1 of the previous fiscal year. Said contributions shall be made from the City to the JPA on a semiannual basis. Each semi-annual payment shall be tendered to the JPA within thirty (30) days of the commencement of that portion of the fiscal year. ATTY/AGR/2021.016/FAIR OAKS LIBRARY SERVICE AGREEMENT REV: 02-08-2021 VR Page 7 of 7