Part 1General functions of the Authority

The annual budget

15I1Deemed component budget requirements for last old financial year

1

This section has effect for the purpose of implementing Schedules 6 and 7 to the GLA Act 1999 in the first new financial year.

2

The Authority's chief finance officer must for that purpose designate for the last old financial year amounts which are respectively to be regarded as—

a

the component budget requirement for the Mayor for that year, and

b

the component budget requirement for the Assembly for that year.

3

The chief finance officer must consult the Mayor and the Assembly before making any such designation.

4

The chief finance officer must make the designations required by this section no later than 31st December in the last old financial year.

5

For the purposes of this section—

  • “the first new financial year” is the first financial year in relation to which paragraph 5A or 8A of Schedule 6 to the GLA Act 1999 (see section 13) has effect;

  • “the last old financial year” is the financial year immediately preceding the first new financial year.