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London Local Authorities and Transport for London Act 2003
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- UK Local Acts
- 2003 c. iii
- SCHEDULE 2
- Paragraph 2
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2(1)At the end of each financial year any deficit in the account shall be made good out of—
(a)in the case of a borough council, their general fund; and
(b)in the case of Transport for London, the financial reserves for which provision is made under section 85(4)(c) of the Greater London Authority Act 1999 (c. 29) in calculating Transport for London’s component budget for the financial year in question.
(2)Subject to paragraphs 3 and 4 below, at the end of each financial year any surplus shall be applied for all or any of the purposes specified in paragraph 7 below, and insofar as it is not so applied, shall be appropriated to the carrying out of some specific project falling within those purposes and carried forward until applied to carrying it out.
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