12.—(1) It is to be an objective (but not a duty) of the Scottish Ministers to provide that operators are financially no better and no worse off as a result of their participation in the scheme, taking account of the costs (including a reasonable profit) of a well-run undertaking that is adequately equipped with the means to provide the eligible service.
(2) Reimbursement of operators is to be calculated on a basis that takes account of the adult single fare for each eligible journey on an eligible service made by an eligible person.
(3) The Scottish Ministers must make reimbursement payments to operators at the reimbursement rate specified for each financial year.
(4) The reimbursement rate is 60.3% from the day on which this Order comes into force to the end of the financial year beginning on 1 April 2021.
(5) The value of the adult single fare to be used for reimbursement calculations is to be the value agreed by the operator and the Scottish Ministers for the eligible journey concerned.
(6) In agreeing the value of the adult single fare the operator and the Scottish Ministers must have regard to the value specified in the operator’s fare table.
(7) Any dispute between the Scottish Ministers and an operator as to the value of the adult single fare to be used for reimbursement calculations is to be determined by an assessment panel comprising 3 members appointed by agreement between the operator and the Scottish Ministers.
(8) The assessment panel may either accept or reject the value of the adult single fare and must provide reasons for their determination.
(9) The assessment panel must send a copy of their determination to the operator and to the Scottish Ministers.
(10) In this article “reimbursement rate” means the percentage payable by the Scottish Ministers, of the adult single fare for each eligible journey on an eligible service made by an eligible person.