Indexed benchmark operating costs
 13. (1) For the purposes of section 12, the housing provider’s indexed benchmark operating costs for a fiscal year in respect of its housing projects is the amount determined by, (a)  calculating the indexed benchmark operating cost for the fiscal year for each item listed in the Table to this subsection by, (i)  expressing as a decimal number the operating cost index for the item for the fiscal year, as determined by the Minister under subsection (2), (ii)  adding one to the number determined under subclause (i), and (iii)  multiplying the indexed benchmark operating cost for the item for the prior fiscal year by the number determined under subclause (ii); and (b)  calculating the sum of the indexed benchmark operating costs determined under clause (a) for all the items. TABLE  Item No.   Item   Index 

  1.   Administration and maintenance   Ontario Consumer Price Index (All items), as published by Statistics Canada. 

  2.   Insurance   Ontario Consumer Price Index (Homeowners’ home and mortgage insurance sub-index), as published by Statistics Canada.  

  3.   Bad debt   Ontario Consumer Price Index (All items), as published by Statistics Canada. 

  4.   Electricity   Ontario Consumer Price Index (Electricity sub-index), as published by Statistics Canada. 

  5.   Water   Ontario Consumer Price Index (Water sub-index), as published by Statistics Canada. 

  6.   Natural gas   Ontario Consumer Price Index (Natural gas sub-index), as published by Statistics Canada. 

  7.   Oil and other fuel   Ontario Consumer Price Index (Fuel oil and other fuel sub-index), as published by Statistics Canada. 

  8.   Capital reserves   Ontario Consumer Price Index (All items), as published by Statistics Canada. O. Reg. 369/11, s. 13 (1). (2) For the purposes of subclause (1) (a) (i), the operating cost index for an item listed in the Table to subsection (1) is determined by, (a)  dividing the index listed in the Table opposite the item for May of the calendar year before the year in which the fiscal year begins by that index for May of the calendar year before that; (b)  subtracting one from the number determined under clause (a); and (c)  expressing the number determined under clause (b) as a percentage.  O. Reg. 369/11, s. 13 (2). (3) To reflect a change in the circumstances of a housing provider, the Minister may, after consulting with the housing provider and the service manager, determine a different indexed benchmark operating cost for the fiscal year for an item to be used instead of what would otherwise be calculated under clause (1) (a).  O. Reg. 369/11, s. 13 (3). (4) Where a housing provider is added to the Schedule opposite a service manager during a fiscal year, subsection (5) applies instead of subsections (1), (2) and (3) for the purposes of determining the housing provider’s indexed benchmark operating costs for that fiscal year in respect of its housing projects. O. Reg. 28/18, s. 3. (5) If this subsection applies to a housing provider in respect of a fiscal year, the Minister shall, after consulting with the housing provider and the service manager, determine the housing provider’s indexed benchmark operating cost for the fiscal year for each item listed in the Table to subsection (1). O. Reg. 28/18, s. 3.