Regulation 5 Calculations of relevant components

(1)

Initial calculations of the amounts of the relevant components for the current year shall be made in relation to each participant authority by the designated authority, and the amounts so calculated shall be notified by that authority to all of the participant authorities, not later than 31st December in the financial year preceding the current year (“the immediately preceding year”).

(2)

Further calculations of the amounts of the relevant components for the current year shall be made in relation to each participant authority by the designated authority, and the amounts so calculated shall be notified by that authority to all of the participant authorities, not later than such date or dates as the designated authority and all the participant authorities may from time to time agree or, in default of such agreement, within the periods specified in paragraph (3) below.

(3)

The specified periods for the purposes of paragraph (2) above are—

(a)

in the case of the component in respect of principal—

(i)

in the case of the initial year—

(a)

two months beginning with the reorganisation date; and

(b)

two months beginning with the date on which the responsible financial officer signs the statement of accounts prepared in relation to the relevant authority’s accounts for the final year^f1; and

(ii)

in every other case, two months beginning with the date on which the responsible financial officer signs the statement of accounts prepared in relation to the designated authority’s accounts for the immediately preceding year; and

(b)

in the case of the component in respect of interest—

(i)

21 days beginning with the end of each period of three months beginning on 1st April, 1st July and 1st October in the current year; and

(ii)

two months beginning with the date on which the responsible financial officer signs the statement of accounts prepared in relation to the designated authority’s accounts for the current year.

(4)

Final calculations of the relevant components for the current year shall be made by the designated authority in relation to each participant authority and the amounts so calculated shall be notified by that authority to all of the participant authorities—

(a)

in the case of the component in respect of principal—

(i)

in the case of the initial year, as soon as reasonably practicable after the relevant date (within the meaning of Part III of the 1995 Regulations); and

(ii)

in every other case, within two months of the conclusion of the audit of the designated authority’s accounts for the immediately preceding year; and

(b)

in the case of the component in respect of interest, within two months of the conclusion of the audit of the designated authority’s accounts for the current year.

Annotations

Footnotes

f1: A statement of accounts is prepared in accordance with regulation 7 of the Accounts and Audit Regulations 1983 (S.I. 1983/1761) and is signed pursuant to regulation 13 of those Regulations.