The Billing Authorities (Alteration of Requisite Calculations and Transitional Reduction Scheme) (England) Regulations 1993
Section 32 of the Local Government Finance Act 1992 sets out how a billing authority is to calculate its budget requirement for a year. Regulation 3 revokes and re-enacts a provision concerning the calculation of the budget requirement in the Billing Authorities (Alteration of Requisite Calculations) (England) Regulations 1992 subject to an amendment relating to the Common Council of the City of London. The Common Council, when calculating its budget requirement, is not to take into account sums which are to be transferred pursuant to a direction under section 98(4) of the Local Government Finance Act 1988 in respect of an amount calculated by reference to the provisional amount of its non-domestic rating contribution.