220.Section 122 makes provision about the preparation by the Mayor for each financial year of a capital spending plan for the functional bodies. The capital spending plan is to be in the four sections described in section 122. Section A is a statement of the resources each functional body will have for capital expenditure by virtue of capital grants (other than grants payable by the GLA) and usable capital receipts.
221.Section B is a statement of the resources each functional body will have for capital expenditure by virtue of any grant that the Mayor has decided that the Authority is to pay under section 120, category A and B amounts specified in the aggregate credit approval for the relevant financial year, and any amounts that the Mayor has decided to allocate out of category C and D amounts specified in the aggregate credit approval for that year.
222.Section C is a statement for each functional body of total expenditure for capital purposes that the Mayor expects the body to incur, and of the total credit cover that the Mayor expects the body to need for credit arrangements. Section D is a breakdown of this total capital spending showing how much the Mayor expects the body to meet out of capital grants; how much he expects it to meet out of the usable part of its capital receipts; how much he expects it to meet by using amounts specified in, or allocated from, the aggregate credit approval; and how much he expects it to meet out of revenue.
223.Section 123 lays down a timetable for the preparation of, and consultation on, a draft capital spending plan, and for the completion of the plan and disclosure of its contents. The Mayor must keep the capital spending plan available for public inspection for six years from the date it is published and must supply a copy of all or part of it, on request, for a reasonable fee.
Commentary on Sections Part Iii: Financial Provisions Chapter Iv: Revenue Accounts and Capital Finance Sections 122 and 123: The Mayor's capital spending plan