http://www.legislation.gov.uk/uksi/1988/1534/regulation/1/made

The Local Government (Prescribed Expenditure) (Amendment) (No. 2) Regulations 1988

Local government structure

King's Printer of Acts of Parliament

2011-07-04

LOCAL GOVERNMENT, ENGLAND AND WALES

Section 72(3) of the Local Government, Planning and Land Act 1980 ( “the Act”) limits the prescribed expenditure of a local authority, and other bodies to whom Part VIII of the Act applies, to the aggregate of various amounts including its net capital receipts. “Prescribed expenditure” is expenditure, essentially of a capital nature, described in Schedule 12 to the Act.