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The Business Improvement Districts (Wales) Regulations 2005
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Regulation 14
SCHEDULE 3THE KEEPING OF THE BID REVENUE ACCOUNT
PART 1Credits to the Account
1. For each year a billing authority which is required to keep a BID Revenue Account (“the account”) must carry to the credit of the account amounts equal to the items listed in this Part of this Schedule.
Item 1: BID revenues
Sums paid for the year under sections 43 and 45 of the Act.
Item 2: income from BID services and facilities
Sums received by the authority for the year in respect of services or facilities provided by it (excluding contributions made by it to the BID under section 43(2)(a) of the Act) under the BID arrangements.
Item 3: reduced provision for bad or doubtful debts
The following, namely —
(a)any sums debited to the account for a previous year under sub-paragraph (a) of item 3 of Part 2 of this Schedule which have been recovered by the authority during the year; and
(b)any amount by which, in the opinion of the authority, any provision debited to the account for a previous year under sub-paragraph (b) of that item should be reduced.
Item 4: credit balance from previous year
Any credit balance shown in the account for the previous year.
PART 2Debits to the Account
2. For each year a billing authority which is required to keep a BID Revenue Account (“the account”) must carry to the debit of the account amounts equal to the items listed in this Part of this Schedule.
Item 1: BID cost of collection
The cost to the authority for the year in respect of collecting the BID levy.
Item 2: BID expenditure
The expenditure of the authority for the year in respect of the BID arrangements (including sums paid to a third party to undertake the works or services under the BID arrangements).
Item 3: provision for bad or doubtful debts
The following, namely —
(a)any sums credited to the account for the year or any previous year under item 1 or 2 of Part 1 of this Schedule which, in the opinion of the authority, are bad debts which should be written off; and
(b)any provision for doubtful debts which, in their opinion, should be made in respect of sums so credited.
Item 4: debit balance from previous year
Any debit balance shown in the account for the previous year.
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