The Local Government Reorganisation (Wales) (Capital Finance and Miscellaneous Provisions) Order 1996

Minimum revenue provision of new authority

9.—(1) Regulation 26 of, and Schedules 5 and 6 to, the 1990 Regulations shall apply to a new authority as if references in that regulation to “the current financial year” were references to a financial year beginning on or after 1st April 1997.

(2) For the financial year beginning on 1st April 1996, the amount in relation to a new authority in respect of principal for the purposes of paragraph 15(1)(a) of Schedule 3 to the 1989 Act shall be the aggregate of 2 per cent of its housing amount and 4 per cent of its non-housing amount.

(3) In paragraph (2) above, a new authority’s housing amount is the aggregate of—

(a) the total of the housing components of its undivided old authorities (if any), and

(b) the total of its housing component shares, (if any) calculated under article 8(3) of this Order.

(4) In paragraph (2) above, a new authority’s non-housing amount is its adjusted credit ceiling determined in accordance with article 8 of this Order, less its housing amount calculated in accordance with paragraph (3) above.

(5) In paragraph (3) above, the housing component of an old authority has the same meaning as in article 8 of this Order.