32 Calculation of budget requirement [by authorities in Wales]
Local Government Finance Act 1992 (1992 c 14) | Legislation

The requisite calculations

32  Calculation of budget requirement [by authorities in Wales]

(1)     In relation to each financial year a billing authority [in Wales] shall make the calculations required by this section.

(2)     The authority must calculate the aggregate of—

[(a)     the expenditure which the authority estimates it will incur in the year in performing its functions and will charge to a revenue account for the year;]

[(aa)     the expenditure that the authority estimates it will incur in the year in making repayments of—

(i)     grant paid to it by the Secretary of State or the Welsh Ministers, or

(ii)     amounts paid to it by the Welsh Ministers in respect of redistributed non-domestic rates;]

(b)     such allowance as the authority estimates will be appropriate for contingencies in relation to expenditure to be charged to a revenue account for the year;

(c)     the financial reserves which the authority estimates it will be appropriate to raise in the year for meeting its estimated future expenditure; [and]

(d)     such financial reserves as are sufficient to meet so much of the amount estimated by the authority to be a revenue account deficit for any earlier financial year as has not already been provided

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