After the cultural and aesthetic projects advisory committee provided for in 2-15-1521 has reviewed the applications to ensure compliance and determine whether the application meets the committee's criteria for funding, the committee shall rank the projects by two criteria as follows:
(1) the status of an applicant's previous grant awards, for which:
(a) first priority will be given to qualified applicants who have not previously received an award;
(b) second priority will be given to applicants who have received one grant award in the previous three funding cycles;
(c) third priority will be given to applicants who have received two grant awards in the previous three funding cycles; and
(d) fourth priority will be given to applicants who have received three grant awards in the previous three funding cycles; and
(2) the size of an applicant's annual operating budget, for which:
(a) first priority will be given to applicants whose total annual operating budget is less than $99,999;
(b) second priority will be given to applicants whose total annual operating budget ranges between $100,000 and $249,999;
(c) third priority will be given to applicants whose total annual operating budget ranges between $250,000 and $499,999; and
(d) fourth priority will be given to applicants whose total annual operating budget is equal to or greater than $500,000.
(3) Between each funding cycle, the committee, in consultation with the budget director, shall increase the budget limits established in subsection (2) to account for inflation.