The Local Authorities (Capital Finance) Regulations 1997

PART 2 Commutation Adjustments

2.  The authority’s commutation adjustment for the current year shall be determined in accordance with the formula—

where—

• “G” is the aggregate of the following amounts—

  (a)

  where commuted payments were calculated by the Secretary of State on the basis of calculations of periodic payments contained in a notice given by the authority, the amount of periodic payments which, according to the notice, the authority would have received in the current year if no payments had been commuted; and

  (b)

  the total amount, if any, calculated by the authority for the current year in accordance with Part IV of Schedule 6 to the 1990 Regulations;

• “I” is the amount of interest savings determined in accordance with paragraph 6;

• “IR” is the amount in respect of interest determined in accordance with paragraph 9; and

• “M” is the amount of the authority’s minimum revenue provision savings determined for the current year in accordance with Part 3 of this Schedule.