SCHEDULE 7Minor and consequential amendments
Local Government Finance Act 1992 (c. 14)
51
(1)
Section 69 (interpretation of Part 1) is amended as follows.
(2)
In subsection (1), the definition of “revenue support grant” is omitted.
(3)
“(2A)
In this Part, any reference to expenditure incurred by a billing authority, major precepting authority or local precepting authority in any financial year includes the following (whether or not giving rise to actual payments)—
(a)
any amount which does not form part of the authority’s capital receipts for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (capital finance) and which is set aside for the year by the authority as provision to meet credit liabilities; and
(b)
any other amount which is set aside for the year by the authority as reasonably necessary for the purpose of providing for any liability or loss which is likely or certain to be incurred but is uncertain as to the amount or the date on which it will arise (or both).”