# The School Finance (England) Regulations 2006, Paragraph 2


Where any maintained school in the authority’s area is due to be discontinued and re-open as an Academy in funding period 1, an amount equal to D x (E/12) must be deducted from C, where—
(a) D is the number of months during funding period 1 in which the school is not to be maintained by the authority; and
(b) E is the total budget share of that school for the financial year beginning on 1st April 2005.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110738985/schedule/3/paragraph/2 (the official version)
Page: https://openlegislation.uk/draft-school-finance-england-regulations-2006/schedule-3/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.