# The Local Authorities (Funds) (Wales) Regulations 1992, Paragraph 1


(1) A billing authority shall as regards the financial year beginning in 1993 estimate whether there is a surplus or deficit in its collection fund for the financial year beginning in 1992, and if so, the amount of that surplus or deficit for that financial year, by calculating the difference between the amount referred to in sub-paragraph (3) and the amount referred to in sub-paragraph (4).
(2) Where the amount referred to in sub-paragraph (3) is–
(a) more than the amount referred to in sub-paragraph (4), there is a surplus, the amount of which is the difference,
(b) less than the amount referred to in sub-paragraph (4), there is a deficit, the amount of which is the difference,
(c) the same as the amount referred to in sub-paragraph (4), there is no surplus or deficit.
(3) The amount referred to in this sub-paragraph is the total of–
(a) the amount of any opening surplus on the income and expenditure account of the billing authority’s collection fund which was brought forward from the financial year beginning in 1991 and was shown in the billing authority’s accounts for that financial year as the collection fund income and expenditure account surplus, but if the accounts for that financial year have not been made up and balanced, the billing authority’s estimate of any such opening surplus;
(b) the sum of the billing authority’s estimates of the amounts credited or to be credited in accordance with proper practices to its collection fund income and expenditure account for the financial year beginning in 1992 in respect of the following items–
(i) any grants payable by the Secretary of State,
(ii) community charges,
(iii) interest on sums held or invested in accordance with regulation 10 of the 1989 Regulations and amounts representing interest on sums transferred in accordance with that regulation and retransferred in accordance with regulation 11 of those regulations,
(iv) transfers to that authority’s collection fund in respect of interest pursuant to any direction made by the Secretary of State under section 98(5) of the 1988 Act,
(v) transfers pursuant to any direction made by the Secretary of State under section 98(4) and (5) of the 1988 Act in respect of community charge benefits, community charge transitional relief reductions and community charge discounts for prompt payment, and
(vi) payments in respect of boundary changes made to that authority by any other billing authority pursuant to an agreement or award made under section 68 of the Local Government Act 1972 which the Secretary of State specifies under section 90 of the 1988 Act are to be paid into that authority’s collection fund;
and
(c) the sum of the billing authority’s estimates of any other amounts credited or to be credited in accordance with proper practices to its collection fund income and expenditure account for the financial year beginning in 1992, including prior year adjustments and amounts credited or to be credited relating to reductions in provision previously made for non-collection of community charges.
(4) The amount referred to in this sub-paragraph is the total of–
(a) the amount of any opening deficit on the income and expenditure account of the billing authority’s collection fund which was brought forward from the financial year beginning in 1991 and was shown in the billing authority’s accounts for that financial year as the collection fund income and expenditure account deficit, but if the accounts for that financial year have not been made up and balanced, the billing authority’s estimate of any such opening deficit;
(b) the sum of the billing authority’s estimates of the amounts charged or to be charged in accordance with proper practices to its collection fund income and expenditure account for the financial year beginning in 1992 in respect of the following items–
(i) precepts payable under regulation 3 of the 1989 Regulations,
(ii) transfers to that authority’s general fund under section 97 of the 1988 Act,
(iii) transfers to that authority’s general fund in respect of interest pursuant to any direction made by the Secretary of State under section 98(4) of the 1988 Act,
(iv) transfers to that authority’s general fund in respect of an allowance for interest arising from the temporary investment of collection fund sums pursuant to any direction made by the Secretary of State under section 98(4) of the 1988 Act, and
(v) payments in respect of boundary changes made by that authority to any other billing authority pursuant to an agreement or award made under section 68 of the Local Government Act 1972 which the Secretary of State specifies under section 90 of the 1988 Act are to be met from that authority’s collection fund;
and
(c) the sum of the billing authority’s estimates of any other amounts charged or to be charged in accordance with proper practices to its collection fund income and expenditure account for the financial year beginning in 1992, including prior year adjustments and amounts charged or to be charged in respect of provision for non-collection of community charges.

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Source: https://www.legislation.gov.uk/uksi/1992/2929/schedule/2/paragraph/1 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-wales-regulations-1992/schedule-2/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.