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Regulation 3

Original text. Later amendments are not shown.

(1)

In calculating “net budget share” for the purposes of section 37(4)—

(a)

there shall be deducted from the institution’s budget share the whole of any amount included in respect of earned income (other than recoupment payments); and

(b)

subject to paragraph (2) below, there shall be added to the institution’s budget share the whole of any surplus.

(2)

In calculating the amount of any surplus to be added in accordance with sub-paragraph (b) above any debt due to the assisting authority in respect of a financial year preceding the relevant financial year, payment of which has not been received by the assisting authority by 1st April 1993, shall be ignored.