Schedule 4: Funding: Sponsor Body’s Estimates Part 3: Transition Year Transition year estimate
Paragraph 6 sets out the procedure which the Sponsor Body will follow for submitting annual estimates during a transition year, namely a financial year which begins during phase one and during which the Sponsor Body expects to seek Parliamentary approval for the purposes of Section 7(2).
	The Sponsor Body’s estimate for a transition year must include its anticipated phase one expenditure for the financial year and its anticipated phase two expenditure for that year.
	The Sponsor Body must submit its estimate for a transition year, together with the Delivery Authority’s most recent phase one costing, to the Estimates Commission. In reviewing the estimate, the Estimates Commission must consult the Treasury and have regard to any advice given by the Treasury.
	The Estimates Commission can reject the estimate if the phase one costing exceeds the phase one expenditure limit, as described above. There is no provision to reject the estimate on the basis of anticipated phase two expenditure, because the limit in relation to the latter will not (at this stage) have been set.
	Otherwise, the Estimates Commission must lay the estimate before the House of Commons together with any comments it has on the estimate and any comments made by the Treasury.