7(1)At the end of each financial year any deficit in an account required to be kept under paragraph 6 shall be made good by the relevant authority or authorities.E+W
(2)Any surplus in such an account may (so far as not made available for any purpose in accordance with this Schedule) be applied by the relevant authority or authorities towards making good any amount used to make good a deficit in respect of the account in the ten years immediately preceding the financial year.
(3)So much of any surplus as remains after the application of sub-paragraph (2) shall be carried forward in the account to the next financial year.
(4)A relevant scheme made by more than one authority must make provision specifying or for determining—
(a)the proportion of any deficit which each authority shall make good, and
(b)the proportion of any surplus which each authority may apply in accordance with sub-paragraph (2).
(5)Any deficit required to be made good shall be made good—
(a)in the case of a Welsh county council or county borough council, from its general account,
(b)in the case of Transport for London, from its gross income, and
(c)in the case of any other non-metropolitan local traffic authority or London traffic authority, [F1or an Integrated Transport Authority] [F2, combined authority or combined county authority], from its general fund.
Textual Amendments
F1Words in Sch. 12 para. 7(5)(c) inserted (9.2.2009 for E., 1.4.2009 for W.) by Local Transport Act 2008 (c. 26), s. 134(4), Sch. 5 para. 13(2); S.I. 2009/107, art. 2(2), Sch. 2 Pt. 1; S.I. 2009/579, art. 2(k)
F2Words in Sch. 12 para. 7(5)(c) substituted (26.12.2023) by Levelling-up and Regeneration Act 2023 (c. 55), s. 255(2)(c), Sch. 4 para. 148(2) (with s. 247)
Commencement Information
I1Sch. 12 para. 7 partly in force; Sch. 12 para. 7 not in force at Royal Assent see s. 275(1); Sch. 12 para. 7 in force (E.) at 1.2.2001 by S.I. 2001/57, art. 3(2), Sch. 3 Pt. I (subject to the savings in Sch. 3 Pt. II)