OpenLegislation

Article 15 End of year reconciliation

Original text. Later amendments are not shown.

(1)

For each financial year commencing on or after 1st April 2024 and for each previous authority—

(a)

where there is a surplus, the previous authority must make a payment to the Corporation of an amount equal to the amount of the surplus for that authority;

(b)

where there is a deficit, the Corporation must make a payment to the previous authority of an amount equal to the amount of the deficit for that authority.

(2)

For the financial year commencing on 1st April 2023, the Corporation must make a payment to the relevant authority for the final compensation amount for that year.

(3)

Any payments under this article must be made before the end of the period of 14 days beginning with the certification date.