How often are Bid Threshold Adjustments made?

Bid threshold adjustments are typically made every five years. This time frame allows for the reflection of changes in economic conditions, inflation, and the overall market environment, ensuring that the bid thresholds remain relevant and in alignment with current purchasing practices. Regular adjustments are essential to maintain the efficiency and effectiveness of the procurement process. By reviewing the thresholds every five years, the governing body can adapt to shifts in industry standards and cost considerations, thereby supporting responsible fiscal management in public purchasing.