Minimum funding guarantee
15.—(1) In determining budget shares for maintained schools a local education authority shall ensure—
(a)in respect of primary and secondary schools that the amount of each school’s budget share for the financial year beginning 1st April 2005 meets the guaranteed funding level calculated in accordance with the provisions of paragraphs 1 to 4 of Schedule 2;
(b)in respect of special schools that their formula shall provide for an increase in their initially determined budget share in the financial year beginning 1st April 2005 calculated in accordance with paragraph 5 of Schedule 2; and
(c)in respect of nursery schools—
(i)that the school’s budget share is increased in accordance with paragraph (a) and paragraphs 1 and 3 of Schedule 2, or
(ii)that their formula provides for an increase in any amount allocated in accordance with paragraph (b) and paragraph 5 of Schedule 2, save that instead of the increase referred to in paragraph 5, the formula shall provide for an increase of 5%.
(2) Paragraph (1) does not apply to any school opening on or after 1st April 2005 save in the circumstances set out in paragraph 4 of Schedule 2.