Part III Financial Provisions

Chapter II Grants and F4locally retained Non-domestic Rates

Annotations:
Amendments (Textual)

Distribution of grants etc.

C1I1C2C3C4C5C6C7C8C9C10102 Mayor to distribute grants etc between Authority and functional bodies.

1

For each financial year, it shall be the duty of the Authority to pay to each functional body, out of the aggregate specified in subsection (2) below, the amount required by the body out of that aggregate in accordance with the calculations (or last calculations) under section 85(4) to (7) of this Act.

2

The aggregate mentioned in subsection (1) above is the aggregate of the sums received by the Authority for the financial year in respect of—

a

revenue support grant;

F3b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d

general GLA grant;

e

F6locally retained non-domestic rates;

f

any precept issued by the Authority; and

g

payments to the Authority by billing authorities in accordance with regulations under section 99(3) of the M1Local Government Finance Act 1988.

F1and which are credited to a revenue account for the year in accordance with proper practices.

3

The payments required by subsection (1) above shall be made by instalments during the financial year in question.

4

The instalments to be paid under subsection (3) above to a functional body shall be payments of such amounts, and shall be payable at such times, as will enable the body to meet its budgeted expenditure for the year as it falls due.

5

It shall be the duty of the Authority to pay instalments under subsection (3) above punctually.

6

In the application of subsection (4) above in relation to a functional body, budgeted expenditure means expenditure which, in accordance with the calculations (or last calculations) made under section 85(4) to (7) above, the body is to meet out of payments by way of instalments under this section.

7

If an overpayment is made to a functional body in respect of the sums payable to it by virtue of this section, the functional body shall, in accordance with any directions given to it for the purpose by the Mayor, make at such times and in such manner as may be specified in the directions such payments to the Authority by way of repayment as may be so specified.

F78

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F59

The reference in subsection (2)(e) to the sums received by the Authority for the financial year in respect of locally retained non-domestic rates is to the sums received by it in the year under, or under regulations under, Schedule 7B to the Local Government Finance Act 1988, or under regulations under section 99(3) of that Act in connection with the operation of that Schedule.