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Local Government (Capital Finance and Accounting) Regulations (Northern Ireland) 2011

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PART 1PRELIMINARY

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Local Government (Capital Finance and Accounting) Regulations (Northern Ireland) 2011 and shall come into operation on 1st April 2012 except as provided for in paragraph (2).

(2) Regulations 7 to 11 shall come into operation from 1st November 2011 for the purposes of determining an affordable borrowing limit as part of the budget setting process for the financial year commencing on 1st April 2012, and for all remaining purposes on 1st April 2012.

(3) In these Regulations, unless the context indicates otherwise, any reference to a Part or section is a reference to a Part or section of the Local Government Finance Act (Northern Ireland) 2011.

(4) In these Regulations—

“CIPFA” means the Chartered Institute of Public Finance and Accountancy; and

“retirement benefits” means benefits payable pursuant to statutory requirements under an arrangement accounted for as a defined benefit pension plan or as other long-term employee benefits (as defined in accordance with proper practices).

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