The Local Authorities (Capital Finance) Regulations 1997

3.  Subject to paragraph 5, where the authority’s adjusted credit ceiling on the last day of the last year was a negative amount, the authority’s minimum revenue provision savings for the current year shall be determined in accordance with the formula—

where—

• “ACC” is the authority’s adjusted credit ceiling on the last day of the last year;

• “D” is the total amount of the authority’s relevant debts;

• “H” is two per cent. of the amount, if any, by which the authority’s housing amount for the current year is reduced in consequence of—

  (a)

  the setting aside of any amount in accordance with section 63(2) in respect of a commuted payment; or

  (b)

  any reduction in the authority’s credit ceiling by virtue of the making of a commuted payment to the Public Works Loan Commissioners(1); and

• “MC” is an amount equal to the aggregate of—

  (a)

  the authority’s minimum revenue provision savings determined in accordance with Part II of Schedule 6 to the 1990 Regulations(2) for the financial years beginning on the 1st April 1992, 1993, 1994, 1995 and 1996;

  (b)

  where the current year is a financial year beginning after 31st March 1998, the authority’s minimum revenue provision savings determined for the financial year ending on that date and for any other financial year ending before the beginning of the current year;

  (c)

  the authority’s commutation adjustments determined in accordance with Part III of Schedule 6 to the 1990 Regulations for the financial years beginning on 1st April 1992, 1993, 1994, 1995 and 1996; and

  (d)

  where the current year is a financial year beginning after 31st March 1998, the authority’s commutation adjustment determined for the financial year ending on that date and for any other financial year ending before the beginning of the current year.

(1)

See paragraph 14(1) of Schedule 3 to the Act and regulation 142.

(2)

Schedule 6 to the 1990 Regulations was inserted by paragraph 2(h) of the Local Authorities (Capital Finance) (Amendment) Regulations 1993 (S.I. 1993/520).