The Local Authorities (Funds) (Wales) Regulations 1992

Holdings and investments

13.—(1) Any sum paid into a billing authority’s collection fund which is not immediately required for the purpose of making payments or transfers from that fund shall be–

(a) held in cash;

(b) invested in a prescribed investment; or

(c) transferred to the billing authority’s general fund.

(2) Any sum transferred under paragraph (1) from an authority’s collection fund to its general fund shall be–

(a) held in cash;

(b) invested in a prescribed investment; or

(c) used for the discharge of the authority’s functions.

(3) A prescribed investment is an investment prescribed in Schedule 3 to these Regulations.

(4) Where a sum has been transferred to its general fund under paragraph (1), a billing authority shall–

(a) immediately retransfer the sum if such a retransfer is required to enable the authority to meet payments or transfers from its collection fund; and

(b) otherwise retransfer the sum as and when it thinks fit.