Statutory Instrument 1994 No. 553

The Local Authorities (Capital Finance) (Amendment) Regulations 1994

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© Crown Copyright 1994

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1994 No. 553

LOCAL GOVERNMENT, ENGLAND

The Local Authorities (Capital Finance) (Amendment) Regulations 1994

The Secretary of State for the Environment, as respects England, in exercise of the powers conferred on him by section 190(1) of, and paragraph 15(1)(a) of Schedule 3 to, the Local Government and Housing Act 1989^[1], and of all other powers enabling him in that behalf, hereby makes the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment) Regulations 1994 and shall come into force on 1st April 1994.

Amendment of Regulations
    2.    Regulation 26 of the Local Authorities (Capital Finance) Regulations 1990^[2] (minimum revenue provision for financial years beginning on or after 1st April 1991) shall be amended as follows—
 (a) in paragraph (1), by the substitution for the words "Subject to paragraphs (5) to (9) below," of the words "Subject to paragraphs (5) to (11) below,";
 (b) in paragraph (7), by the substitution for the words "Subject to paragraph (8) below," of the words "Subject to paragraphs (8) and (10) below,";
 (c) after paragraph (9), by the addition of the following paragraphs—
"  (10)  In relation to a local authority which is a London borough council or the Common Council of the City of London, P in the formula in paragraph (7) above shall, in respect of the financial year beginning on 1st April 1994 only, be reduced by an amount equal to the product of the authority's deemed debt and 0.035.

    (11)  Paragraph (9) shall apply to determine an authority's deemed debt for the purposes of paragraph (10) above as if the references to "1993" in sub-paragraphs (a) and (b) were instead references to "1994"." .

Signed by authority of the Secretary of State for the Environment

David Curry

Minister of State, Department of the Environment

4th March 1994

These Regulations amend regulation 26 of the Local Authorities (Capital Finance) Regulations 1990 (minimum revenue provision for financial years beginning on or after 1st April 1991), to reduce the amount in respect of principal which is to be taken into account in determining the minimum revenue provision for a London borough council or the Common Council of the City of London for the financial year beginning on 1st April 1994. The reduction is in respect of the amount which the authority is deemed to have borrowed from the London Residuary Body.

[1] 1989 c. 42. back

[2] S.I. 1990/432. Regulation 26 has been amended by S.I. 1993/520. back