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(1) This section has effect in relation to the estimation of financial reserves for the purpose of calculations in accordance with—
(a) section 32 of the Local Government Finance Act 1992 (calculation by billing authority of budget requirement for financial year),
(b) section 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.
This section shall come into force in relation to England, on such day as the Secretary of State may by order appoint, and in relation to Wales, on such day as the National Assembly for Wales may by order appoint: see s 128(6).
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