Local Government Act 2003

26 Minimum reserves E+W

(1) This section has effect in relation to the estimation of financial reserves for the purpose of calculations in accordance with—

(a) section [F1 31A or] 32 of the Local Government Finance Act 1992 (calculation by billing authority of [F2 council tax or] budget requirement for financial year),

(b) section [F3 42A or] 43 of that Act (corresponding provision for major precepting authority), or

(c) section 85 of the Greater London Authority Act 1999 (calculation by Greater London Authority of component and consolidated budget requirements for financial year).

(2) In the case of a controlled reserve, it shall not be regarded as appropriate for the balance of the reserve at the end of the financial year under consideration to be less than the minimum amount determined in accordance with regulations made by the appropriate person.

(3) In subsection (2), “controlled reserve” means a financial reserve of a description specified for the purposes of this section by regulations made by the appropriate person.

(4) Different provision may be made under subsection (2) for different descriptions of financial reserve.

Textual Amendments

F1 Words in s. 26(1)(a) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(a)(i); S.I. 2011/2896, art. 2(i)

F2 Words in s. 26(1)(a) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(a)(ii); S.I. 2011/2896, art. 2(i)

F3 Words in s. 26(1)(b) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 44(b); S.I. 2011/2896, art. 2(i)

Commencement Information

I1 S. 26 in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)

I2 S. 26 in force at 27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004 by S.I. 2003/3034, art. 2, Sch. 1 Pt. I