Greater London Authority Act 2007 (c. 24)

Part 1 E+W General functions of the Authority

The annual budget E+W

15 Deemed component budget requirements for last old financial year E+W

(1) This section has effect for the purpose of implementing Schedules 6 and 7 to the GLA Act 1999 in the first new financial year.

(2) The Authority's chief finance officer must for that purpose designate for the last old financial year amounts which are respectively to be regarded as—

(a) the component budget requirement for the Mayor for that year, and

(b) the component budget requirement for the Assembly for that year.

(3) The chief finance officer must consult the Mayor and the Assembly before making any such designation.

(4) The chief finance officer must make the designations required by this section no later than 31st December in the last old financial year.

(5) For the purposes of this section—

• “the first new financial year” is the first financial year in relation to which paragraph 5A or 8A of Schedule 6 to the GLA Act 1999 (see section 13) has effect;

• “the last old financial year” is the financial year immediately preceding the first new financial year.

Commencement Information

I1 S. 15 in force at 30.10.2007 by S.I. 2007/3107, art. 2(a)