Point in time view as at 31/10/2012.
Local Government Act 2003, Section 26 is up to date with all changes known to be in force on or before 08 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section has effect in relation to the estimation of financial reserves for the purpose of calculations in accordance with—
(a)section [F131A or] 32 of the Local Government Finance Act 1992 (calculation by billing authority of [F2council tax or] budget requirement for financial year),
(b)section [F342A or] 43 of that Act (corresponding provision for major precepting authority), or
(c)section 85 of the Greater London Authority Act 1999 (calculation by Greater London Authority of component and consolidated budget requirements for financial year).
(2)In the case of a controlled reserve, it shall not be regarded as appropriate for the balance of the reserve at the end of the financial year under consideration to be less than the minimum amount determined in accordance with regulations made by the appropriate person.
(3)In subsection (2), “controlled reserve” means a financial reserve of a description specified for the purposes of this section by regulations made by the appropriate person.
(4)Different provision may be made under subsection (2) for different descriptions of financial reserve.
Textual Amendments
F1Words in s. 26(1)(a) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(a)(i); S.I. 2011/2896, art. 2(i)
F2Words in s. 26(1)(a) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(a)(ii); S.I. 2011/2896, art. 2(i)
F3Words in s. 26(1)(b) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(b); S.I. 2011/2896, art. 2(i)
Commencement Information
I1S. 26 in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)
I2S. 26 in force at 27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004 by S.I. 2003/3034, art. 2, Sch. 1 Pt. I
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