Schedule 4: Funding: Sponsor Body’s Estimates Part 2: Phase one Annual estimates during phase one
Paragraph 3 provides that, during a financial year that begins in phase one, (other than the Sponsor Body’s first financial year or a transition year), the Sponsor Body will submit two items to the Estimates Commission for review: an estimate for the financial year (which must reflect the Delivery Authority’s statement of required resources for that year – see paragraph 77 above) and the Delivery Authority’s most recent phase one cost assessment. In reviewing these items the Estimates Commission must consult the Treasury and have regard to any advice it gives. If the phase one cost assessment does not exceed the budget for phase one expenditure set by the House Commissions, the Estimates Commission will lay the estimate before the House of Commons together with any comments it has on the estimate and any comments made by the Treasury. If the phase one cost assessment exceeds the budget for phase one expenditure set by the House Commissions, the Estimates Commission can either lay the estimate before the House of Commons or reject it. If the Estimates Commission rejects the estimate, the Sponsor Body must prepare a fresh estimate for the financial year.
	Paragraph 4 provides that the House Commissions set the budget for the phase one expenditure, and can revise that budget from time to time, following consultation with the Sponsor Body and Delivery Authority.