# The Local Authorities (Funds) (England) Regulations 1992, Paragraph 8


(1) A billing authority’s exceptional balance for the financial year beginning on 1st April 2021 is calculated in accordance with the formula—
where—
S is the billing authority’s estimated surplus (expressed as a positive amount) or deficit (expressed as a negative amount) for the preceding year, calculated in accordance with Part 1 of this Schedule (but ignoring the effect of paragraph 2(7));
T is the billing authority’s prior year balance, calculated in accordance with sub-paragraph (2) below.
(2) A billing authority’s prior year balance for the year beginning on 1st April 2021 is calculated by applying the formula—
where—
U is the amount referred to in paragraph 2(3)(a);
V is the amount referred to in paragraph 2(3)(b)(iii);
W is the amount referred to in paragraph 2(4)(a);
X is the amount referred to in paragraph 2(4)(b)(iii).

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Source: https://www.legislation.gov.uk/uksi/1992/2428/schedule/2/paragraph/8 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-england-regulations-1992/schedule-2/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.