Part 1

General functions of the Authority

The annual budget

Deemed component budget requirements for last old financial year
15
1
This section has effect for the purpose of implementing Schedules 6 and 7 to the GLA Act 1999 in the first new financial year.
2
The Authority's chief finance officer must for that purpose designate for the last old financial year amounts which are respectively to be regarded as—
a
the component budget requirement for the Mayor for that year, and
b
the component budget requirement for the Assembly for that year.
3
The chief finance officer must consult the Mayor and the Assembly before making any such designation.
4
The chief finance officer must make the designations required by this section no later than 31st December in the last old financial year.
5
For the purposes of this section—
- “the first new financial year” is the first financial year in relation to which paragraph 5A or 8A of Schedule 6 to the GLA Act 1999 (see section 13) has effect;
- “the last old financial year” is the financial year immediately preceding the first new financial year.
S. 15 in force at 30.10.2007 by S.I. 2007/3107, art. 2(a)