The Local Authorities (Funds) (Wales) Regulations 1992

5.—(1) A billing authority shall calculate in accordance with this Part of this Schedule as regards each financial year beginning in or after 1993 how the surplus or deficit estimated in accordance with Part I of this Schedule for the preceding financial year (“the year”) is to be shared among or borne between the authority and its relevant major precepting authority.

(2) The amount of any surplus which is to be the billing authority’s share or of any deficit which is to be borne by that authority for the year shall be calculated by applying the formula–

where, subject to sub-paragraph (4),–

• D is the amount of the surplus or deficit, as the case may be, estimated by the authority in accordance with Part I of this Schedule for the year,

• E is the amount calculated (or last calculated) by the authority under section 97(1) of the 1988 Act for the year, and where the amount so calculated (or last calculated) is a negative amount, E is nil.

• F is the amount stated by the relevant major precepting authority in a precept issued (or last issued) to the authority for the year under section 40(2)(b) of the 1992 Act.

(3) The amount of any surplus which is to be the relevant major precepting authority’s share or of any deficit which is to be borne by that authority for the year shall be calculated by applying the formula–

where, subject to sub-paragraph (4), D, E and F have the same meanings as in sub-paragraph (2).

(4) Where the year is the financial year beginning in 1992–

• E is the amount calculated (or last calculated) by the authority under section 95(4) of the 1988 Act for the year, and if no amount has been so calculated, E is nil.

• F is the amount of the precept issued (or last issued) by the relevant major precepting authority to the authority for the year under section 68 or 71 (as the case may be) of the 1988 Act.