Schedule 4: Funding: Sponsor Body’s Estimates Part 1: Introduction Assessment of expenditure
Paragraph 2 provides that, every six months, the Delivery Authority is required to make an assessment as to its likely total expenditure in the current phase. These assessments are defined as a "phase one cost assessment" or a "phase two cost assessment" (as the case may be). When reviewing the annual estimate, the Estimates Commission will compare these cost assessments against the expenditure limit for the relevant phase – as to which, see further below.