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Local Government Finance Act 1992

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Changes over time for: Section 50

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Version Superseded: 01/04/2009

Status:

Point in time view as at 27/11/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

Local Government Finance Act 1992, Section 50 is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

50 Calculation of budget requirement.E+W

(1)In relation to each financial year a local precepting authority shall make the calculations required by this section.

(2)The authority must calculate the aggregate of—

(a)the expenditure the authority estimates it will incur in the year in performing its functions and will charge to a revenue account for the year;

(b)such allowance as the authority estimates will be appropriate for contingencies in relation to expenditure to be charged to a revenue account for the year;

(c)the financial reserves which the authority estimates it will be appropriate to raise in the year for meeting its estimated future expenditure; and

(d)such financial reserves as are sufficient to meet so much of the amount estimated by the authority to be a revenue account deficit for any earlier financial year as has not already been provided for.

(3)The authority must calculate the aggregate of—

(a)the sums which it estimates will be payable to it for the year and in respect of which amounts will be credited to a revenue account for the year, other than sums which it estimates will be so payable in respect of any precept issued by it; and

(b)the amount of the financial reserves which the authority estimates that it will use in order to provide for the items mentioned in paragraphs (a) and (b) of subsection (2) above.

(4)If the aggregate calculated under subsection (2) above exceeds that calculated under subsection (3) above, the authority must calculate the amount equal to the difference; and the amount so calculated shall be its budget requirement for the year.

(5)For the purposes of subsection (2)(c) above an authority’s estimated future expenditure is—

(a)that which the authority estimates it will incur in the financial year following the year in question, will charge to a revenue account for the year and will have to defray in the year before the following sums are sufficiently available, namely, sums—

(i)which will be payable to it for the year; and

(ii)in respect of which amounts will be credited to a revenue account for the year; and

(b)that which the authority estimates it will incur in the financial year referred to in paragraph (a) above or any subsequent financial year in performing its functions and which will be charged to a revenue account for that or any other year.

(6)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Modifications etc. (not altering text)

C1Pt. I Chs. III-IV (ss. 30-52) modified (E.) (1.2.1993) by S.I. 1993/22, art. 4(2)

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