Schedule 4: Funding: Sponsor Body’s Estimates Part 4: Phase two Annual estimates during phase two
Paragraph 8 provides that a similar process will apply to annual estimates during phase two as for phase one. The Sponsor Body will submit an estimate of its expenditure for each financial year (which must reflect the Delivery Authority’s statement of resources for that year), together with the Delivery Authority’s phase two cost assessment, to the Estimates Commission. The Estimates Commission must consult the Treasury and have regard to any advice it gives in reviewing the Sponsor Body’s estimate. If the phase two cost assessment does not exceed the funding limit approved by Parliament (for the purposes of Section 7(2)(b)), the Estimates Commission will lay the estimate before the House of Commons, together with its comments on the estimate and any comments made by the Treasury. If the phase two costing exceeds the funding limit approved by Parliament, the Estimates Commission can either lay the estimate before the House of Commons or reject it, in which case the Sponsor Body would have to submit a fresh estimate for the financial year.