These Regulations are made under section 32(9) (calculation of budget requirement by authorities in Wales), section 33(4) (calculation of basic amount of tax by authorities in Wales), section 43(7) (calculation of budget requirement by authorities in Wales) and section 44(4) (calculation of basic amount of tax by authorities in Wales) of the Local Government Finance Act 1992 (“the 1992 Act”). These sections set out how a billing authority and a major precepting authority in Wales are to calculate their budget requirements for a financial year and how a billing and a major precepting authority in Wales are to calculate the basic amount of their council tax.