Section 118(1)

Revenue raised by the appropriate agency as mentioned in subsection (2) below— shall, except for any amount falling within subsection (3) below, be spent only in the carrying out of the appropriate agency's flood and coastal erosion risk management functions, within the meaning of Part 1 of the Flood and Water Management Act 2010, in or for the benefit of the flood risk management region in which it is raised; ... where the appropriate agency is the Agency, shall be disregarded in determining the amount of any surplus for the purposes of section 44(4) ofthe 1995 Act ; and

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Source: legislation.gov.uk · retrieved 2026-07-30