Minimum revenue provision for the financial year beginning on 1st April 1990
25.—(1) For the financial year beginning on 1st April 1990, the amount in respect of principal for the purposes of paragraph 16(1)(a) of Schedule 3 to the Act shall be the aggregate of–
(a)the percentages prescribed in paragraph (2) below of the amounts mentioned in that paragraph;
(b)an amount determined in accordance with paragraph (3) below in respect of any advances which were made before 1st April 1990 from a loans fund established by a local authority under paragraph 15 of Schedule 13 to the Local Government Act 1972 and which were made by virtue of a limited approval; and
(c)where any payments in respect of principal are required, by virtue of an order made under section 66(1) or 67(3) of the Local Government Act 1985(1), to be made by a local authority (“the designated authority”) into a fund in relation to a sum which, by virtue of the order, is to be treated as the designated authority’s transferred debt, an amount equal to the total of any such payments which fall to be made in the financial year beginning on 1st April 1990.
(2) The following percentages are prescribed for the purposes of paragraph 16(1)(a) of Schedule 3 to the Act in relation to amounts taken into account in determining a local authority’s adjusted initial credit ceiling–
(a)in the case of an authority who are required, under Part VI of the Act (housing finance), to keep a Housing Revenue Account for the financial year beginning on 1st April 1990, 2 per cent. of the housing amount and 4 per cent. of the non-housing amount where these amounts are determined in accordance with Part I of Schedule 5 to these Regulations;
(b)in the case of an authority not falling within sub-paragraph (a) above, 4 per cent. of the amount, if any, by which their adjusted initial credit ceiling exceeds the aggregate of–
(i)so much of the amount determined in accordance with paragraph 8(1)(a) of Schedule 3 to the Act as is in respect of advances falling within paragraph (1)(b) above; and
(ii)the amount determined in accordance with paragraph 8(1)(b) of Schedule 3 to the Act; and
(c)20 per cent. of the amount determined in accordance with paragraph 8(1)(b) of Schedule 3 to the Act.
(3) For the purposes of sub-paragraph (b) of paragraph (1) above, the amount shall be equal to the total of the amounts, if any, which would fall to be provided by the authority in the financial year beginning on 1st April 1990 for the repayment of so much of the principal of any advance falling within that sub-paragraph as has not been repaid before 1st April 1990 if the repayment were to be made by way of equal annual sums during the relevant period in respect of the advance.