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Paragraph 6 Excess amounts — estimated surpluses

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 credited to an authority’s FPF in the year in question will exceed the total amount likely to be payable out of their FPF in that year, it must require the authority to pay to the it an amount equal to 80 per cent. of the likely surplus.

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

(b)

80 per cent. of the difference between those total amounts is more than—

(i)

the amount paid or payable by the authority to the Assembly under paragraph (1) in relation to the year in question; or

(ii)

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

it may require the authority to pay to it such amount as it may by notice specify.

(3)

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

(4)

Where the Assembly requires the authority to pay an amount to it by virtue of paragraph (2), any amount paid or payable by the Assembly to the authority under rule 5(1) is not payable and, if already paid, the authority must repay it to the Assembly.

(5)

The Assembly must give to the authority, on or before 3 March in the year in question, written notice of the amount of any payment that it requires the authority to make under paragraph (1) or (2).

(6)

An amount payable or repayable by the authority to the Assembly under paragraph (1), (2) or (4) must be paid or repaid in March in the year in question.