70E+WIn section 85 (calculation by Greater London Authority of budget requirements), for subsection (9) there is substituted—
“(9)In this section, any reference to expenditure incurred by a body in any financial year includes the following (whether or not giving rise to actual payments)—
(a)any amount which does not form part of the body’s capital receipts for the purposes of Chapter 1 of Part 1 of the Local Government Act 2003 (capital finance) and which is set aside for the year by the body as provision to meet credit liabilities; and
(b)any other amount which is set aside for the year by the body as reasonably necessary for the purpose of providing for any liability or loss which is likely or certain to be incurred but is uncertain as to the amount or the date on which it will arise (or both).”
Commencement Information
I1Sch. 7 para. 70 in force at 1.4.2004 by S.I. 2003/2938, art. 6(d)(i) (with art. 8, Sch.)