Transferred functions grant
114.—(1) In the Local Government Finance Act (Northern Ireland) 2011, after section 27 (rates support grant) there shall be inserted the following section—
“27A. Transferred functions grant
(1) The Department shall for any prescribed financial year make a grant under this section to councils.
(2) In this section “transferred functions grant” means the grant payable under this section for any financial year.
(3) The transferred functions grant is payable only to a council which is a new council within the meaning of Part 2 of the Local Government (Miscellaneous Provisions) Act (Northern Ireland) 2010.
(4) The amount of the transferred functions grant payable to a council for any financial year is the amount equal to the difference between—
(a)the amount of the product of the district rate for that year (within the meaning of the Rates (Northern Ireland) Order 1977) so far as it relates to the rateable net annual values of the hereditaments in the district of that council; and
(b)the amount which would have been the amount of that product if the total of the rateable net annual values of the hereditaments in the district of that council had been increased by a prescribed amount.
(5) Subsection (4) is subject to section 28 (reductions in grants) and to section 64(4) of the Local Government Act (Northern Ireland) 2014.
(6) Payments in respect of transferred functions grant shall be made to a council at such times as the Department may determine.”.
(2) In section 28 of that Act (reductions in grants), in subsections (2)(a) and (6)(b) and in the heading for “or 27” there shall be substituted “, 27 or 27A”.