Regulation 3 Audit adjustment

For paragraph 5(1)(b) of the principal Regulations there shall be substituted the following—

“(b)

“final surplus or deficit” means the surplus or deficit in the collection fund of the relevant billing authority for the immediately preceding year calculated by applying the formula in paragraph 2 of Part I of Schedule 2 to the Funds Regulations to the figures shown in the final audited accounts of that authority for that year.”.