# Local Government Finance Act 1988, Paragraph 3

Extent: E+W

(1) As soon as is reasonably practicable after the end of each chargeable financial year the Welsh Ministers shall calculate the following—
(a) the aggregate of the items of account credited to the account kept for the year, and
(b) the aggregate of the items of account debited to the account kept for the year.
(2) If the aggregate mentioned in sub-paragraph (1)(a) above exceeds that mentioned in sub-paragraph (1)(b) above, a sum equal to the excess shall be—
(a) debited (as an item of account) to the account kept for the year, and
(b) credited (as an item of account) to the account kept for the next financial year.
(3) If the aggregate mentioned in sub-paragraph (1)(b) above exceeds that mentioned in sub-paragraph (1)(a) above, a sum equal to the excess shall be—
(a) credited (as an item of account) to the account kept for the year, and
(b) debited (as an item of account) to the account kept for the next financial year.

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Source: https://www.legislation.gov.uk/ukpga/1988/41/schedule/8/paragraph/3 (the official version)
Page: https://openlegislation.uk/local-government-finance-act-1988/schedule-8/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.