Article 16 Housing revenue accounts

(1)

Where a district council have only one successor authority, the opening balance of the housing revenue account of that successor authority on the transfer date shall be equal to the closing balance of that district council’s housing revenue account immediately before that date.

(2)

Where a district council have more than one successor authority, the opening balance of the housing revenue account of each successor authority on the transfer date shall be calculated in accordance with the formula—

A \times \frac{B}{100}

where—

A is the closing balance of the housing revenue account of the district council in question immediately before the transfer date; and
B is the figure specified in column 2 of Schedule 3 to this Order opposite the name of the successor authority in question (as shown in column 1 of that Schedule).