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Paragraph 5 Excess amounts: estimated deficits

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where, having taken into account the 2008 estimate, the 2008 revised estimate, or the estimate (as the case may be), and any other relevant information available to it, it appears to the Assembly that the total amount likely to be payable out of an authority’s FPF in the year in question will exceed the total amount likely to be credited to the authority’s FPF in that year, it must pay to the authority an amount equal to 80 per cent. of the likely deficit.

(2)

Subject to paragraph (3), where, having taken into account any revised estimate and any other relevant information available to it, it appears to the Assembly that—

(a)

the total amount likely to be payable out of the authority’s FPF in the year in question will exceed the total amount likely to be credited to the authority’s FPF in that year; and

(b)

80 per cent. of the likely deficit is more than—

(i)

the amount paid or payable by the Assembly to the authority by virtue of paragraph (1) in relation to the relevant year; or

(ii)

where no such amount was paid or payable by the Assembly, zero,

the Assembly may pay to the authority such amount as it thinks fit.

(3)

The aggregate of the amounts paid to an authority under paragraphs (1) and (2) in relation to a particular year must not exceed 80 per cent. of the authority’s likely deficit for that year.

(4)

Where the Assembly pays an amount to the authority under paragraph (2), any amount paid or payable to the Assembly in relation to the year in question under rule 6(1) is not payable and, if already paid, the Assembly must repay it to the authority.

(5)

An amount payable to the authority under paragraph (1) must be paid in July in the year in question.

(6)

Any amount payable or repayable by the Assembly to an authority under paragraph (2) or (4) must be paid or repaid before the end of the year in question.