Budget requirement (Greater London Authority) - calculation
7. Section 85 of the 1999 Act(1) has effect as if—
(a)in subsection (5)(a)(i), the words “relevant special grant,” were omitted; and
(b)after subsection (9) there were added the following subsection—
“(10) In subsection (5)(a)—
(a)the reference to sums payable for the financial year in respect of redistributed non-domestic rates is a reference to sums so payable in accordance with the Local Government Finance Report (England) 2007/2008 approved by a resolution of the House of Commons pursuant to section 79(2) of, and paragraph 11(2) of Schedule 8 to, the Local Government Finance Act 1988 on 31st January 2007, and
(b)the reference to sums payable for the financial year in respect of revenue support grant is a reference to sums so payable in accordance with that report.”.
Section 85 was substituted by paragraph 70 of Schedule 7 to the Local Government Act 2003 (c.26) and amended in relation to the financial year beginning on 1st April 2006 by S.I. 2006/247.