Article 14 End of year calculations

(1)

Before the end of the period of 14 days beginning with the certification date, for each previous authority the Corporation must—

(a)

calculate the final compensation amount;

(b)

for each financial year commencing on or after 1st April 2024, calculate whether there is a surplus or deficit in accordance with paragraph (2) and, if so, the amount of the surplus or deficit;

(c)

notify the Secretary of State and the previous authority of the amounts that have been calculated.

(2)

Where the amount paid to a previous authority under article 13(1) is—

(a)

more than the final compensation amount for that authority, there is a surplus, the amount of which is the difference;

(b)

less than the final compensation amount for that authority, there is a deficit, the amount of which is the difference;

(c)

the same as the final compensation amount for that authority, there is no surplus or deficit.