21.—(1) In these regulations a “key decision” means a decision under executive arrangements, which is likely—
(a)to result in the relevant council incurring expenditure which is, or the making of savings which are, significant having regard to the relevant council’s budget for the service or function to which the decision relates; or
(b)to be significant in terms of its effects on communities living or working in an area comprising two or more district electoral areas in the local government district of the relevant council.
(2) In determining the meaning of “significant” for the purposes of paragraph (1) the council must have regard to any guidance for the time being issued by the Department in accordance with section 111 of the 2014 Act (guidance).