Section 124 Admissible factors in preparing capital spending plan etc.I1

England, Wales and Scotland

(1)

In preparing a capital spending plan for any financial year, the Mayor may take account of such factors as appear to him to be appropriate.

(2)

The reference in subsection (1) above to preparing a capital spending plan for a financial year includes a reference to deciding, in the case of each of the functional bodies,—

(a)

the minimum amount of grant which the Authority is to pay to the body for the year under section 120 above; and

F1(b)

the amounts to be transferred to the body under section 32(5) of the Local Government Act 2003 (Mayor’s power to transfer expenditure grant);

(3)

Without prejudice to the generality of subsection (1) above, the Mayor may in particular take account of—

(a)

the capital spending plans for such financial years which have ended as he may determine; and

(b)

the amounts of each functional body’s total capital spending specified in section C of each of those plans which have been met as described in each of the paragraphs of subsection (4) below.

(4)

Those amounts are—

(a)

the amount met out of capital grants made to the body;

F2(b)

the amount met out of F3... the body’s capital receipts;

(F4c)

the amount met by borrowing or entering into or varying credit arrangements;

(d)

the amount met by making a charge to a revenue account.

Annotations

Textual amendments

F1: S. 124(2)(b) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 77(2); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F2: S. 124(4)(aa) inserted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 77(3)(a); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F3: Words in s. 124(4)(b) repealed (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 8 Pt. 1; S.I. 2003/2938, art. 4(e) (with art. 8, Sch.)
F4: S. 124(4)(c) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 77(3)(b); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)

Commencement

I1: S. 124 partly in force; s. 124 not in force at Royal Assent, see s. 425(2); s. 124 in force for specified purposes (3.7.2000) by S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3