The Local Government Reorganisation (Capital Money) (Greater London) Order 1987

Article 6(1)

SCHEDULE

Formula for determining payments to be made by the Residuary Body

The formula for each financial year commencing with the financial year beginning 1st April 1986 is—

where—

• P is ascertained by applying the formula—

  

  where—

  • E is an amount equal to the housing receipts for the financial year in question, less—

    (a)

    the amount which is attributable to the repayment of housing advances, other than reimbursable capital money;

    (b)

    an amount equal to that part of the reimbursable capital money received in that year which is attributable to housing receipts;

    (c)

    an amount equal to the expenditure incurred by the Residuary Body in that year for facilitating the disposal of housing assets; and

    (d)

    an amount equal to the loans outstanding immediately before the first day of that year which that Body had raised for the purpose of financing expenditure incurred by them for facilitating the disposal of housing assets;

  • G is the amount paid in that year by virtue of article 5;

  • H is an amount equal to the housing receipts for that year which are attributable to the disposal of housing assets; and

  • J is an amount equal to the direct capital receipts for that year which are attributable to the disposal of relevant land;

• R is ascertained by applying the formula—

  

  where—

  • F is an amount equal to the direct capital receipts for that year which are not housing receipts, less—

    (a)

    the amount which is attributable to the repayment of the advances referred to in article 2(2)(a)(ii) which are not housing advances, other than reimbursable capital money;

    (b)

    an amount equal to that part of the reimbursable capital money received in that year which is not attributable to housing receipts;

    (c)

    an amount equal to the expenditure incurred by the Residuary Body in that year for facilitating the disposal of other property and relevant land other than housing assets; and

    (d)

    an amount equal to the loans outstanding immediately before the first day of that year which that Body had raised for the purpose of financing expenditure incurred by them for facilitating the disposal of other property and relevant land other than housing assets;

  • K is an amount equal to the direct capital receipts for that year which are attributable to the disposal of relevant land but which are not housing receipts; and

• Y,Z,S and T have the same meanings as in article 4:

Provided that—

(a) if P is less than zero but R is greater than zero the formula shall be—

;

(b) if R is less than zero but P is greater than zero the formula shall be—

; and

(c) if both P and R are zero or less than zero or if the application of either of the formulae specified in subparagraphs (a) and (b) produces a negative result the Residuary Body shall not make any payment to the rating authorities under article 6(1).