# London Local Authorities Act 2007, Paragraph 2


At the end of each financial year any deficit in the account shall be made good out of the general rate fund, and (subject to paragraph 3 below) any surplus shall be applied to purposes connected with the improvement of the amenity of the area of the council or any part of that area.

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Source: https://www.legislation.gov.uk/ukla/2007/2/schedule/4/paragraph/2 (the official version)
Page: https://openlegislation.uk/london-local-authorities-act-2007/schedule-4/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.