The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008

Revenue provision

4.—(1) For regulation 28(1) substitute—

“Determination of minimum revenue provision

28.   A local authority shall determine for the current financial year an amount of minimum revenue provision which it considers to be prudent.”;

(2) For regulation 29 substitute—

“Past deficiencies in minimum revenue provision

29.— (1) Where in any financial year beginning before 1st April 2007, the amount of minimum revenue provision charged by a local authority to a revenue account is less than the amount required for that year (whether by reason of an error in the calculation of that amount or otherwise)—

(a) if the local authority has not made a charge to a revenue account on or after 1st April 2004 to correct the insufficient provision, the amount so charged shall be treated as correct and shall not be reconsidered in any circumstances; or

(b) if the local authority has made a charge to a revenue account on or after 1st April 2004 to correct the insufficient provision, the local authority may, in a financial year beginning before 1st April 2010, record in a revenue account a credit no greater in value than the amount of that charge.

(2) Any local authority which treats any amount as correct under paragraph (1)(a) shall include a note to that effect in its statement of accounts for a financial year ending no later than 31st March 2010.

(3) Any local authority which records a credit in a revenue account under paragraph (1)(b) shall include a note to that effect in its statement of accounts for the year in which the credit is recorded.

(4) In this regulation, “minimum revenue provision”—

(a) in relation to financial years beginning before 1st April 2004, has the same meaning as was given in relation to those years in section 63(1) of the Local Government and Housing Act 1989 prior to its repeal; and

(b) in relation to subsequent financial years, has the meaning given in regulation 27.”.

(1)

Regulation 28 was substituted by regulation 3(1) of S.I. 2007/573.