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Minimum amount of contributions to lift replacement funds

Town Councils (Minimum Contributions to Sinking Funds) Financial Rules 2017

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—(1) On 1 April 2017 —(a)at least 14% of the closing balance shown in a Town Council’s audited accounts for financial year 2016 in respect of each ordinary sinking fund established for residential property must be paid or credited by the Town Council into every lift replacement fund established respectively by the Town Council for that residential property; and(b)at least 14% of the closing balance shown in a Town Council’s audited accounts for financial year 2016 in respect of each ordinary sinking fund established for commercial property must be paid or credited by the Town Council into every lift replacement fund established respectively by the Town Council for that commercial property.(2) For every quarter of the financial year of a Town Council starting 1 April 2017, and for every quarter of any subsequent financial year of the Town Council —(a)at least 14% of all conservancy and service charges which are levied by the Town Council for residential property and for commercial property, respectively, and are paid or due and payable, or both, to the Town Council in that quarter; and(b)at least 14% of —(i)the total grants-in-aid received by the Town Council in that quarter for residential property and commercial property, respectively; less(ii)the lift replacement fund matching grant-in-aid received by the Town Council in that same relevant quarter for that same property,must be paid or credited by that Town Council into every lift replacement fund established by the Town Council for that residential property and that commercial property, respectively.

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