(1)The Mayor shall, in accordance with the following provisions of this section and sections 123 and 124 below, prepare for each financial year a capital spending plan for the functional bodies.
(2)A capital spending plan shall consist of the sections described in subsections (3) to (6) below.
(3)Section A of a capital spending plan shall consist of a statement for each functional body of the Mayor’s estimates of the following amounts—
(a)the total amount of capital grants likely to be paid to the body during the year by any person other than the Authority;
(b)the amount, at the beginning of the year, of F1... the body’s capital receipts; and
(c)the amount by which the [F2body’s capital receipts are] likely to be increased by capital receipts which it appears to the Mayor the functional body might reasonably be expected to receive, or is likely to receive, during the year.
(4)Section B of a capital spending plan shall consist of a statement for each functional body of the following amounts—
(a)if the Mayor has decided a minimum amount of grant which the Authority is to pay to the body for the year under section 120(1) above, that minimum amount;
[F3(b)the total of the amounts which the Mayor expects the body—
(i)to borrow in the year, or
(ii)to be treated as borrowing in the year because of section 8(2) of the Local Government Act 2003 (under which entry into, or variation of, a credit arrangement is treated as a form of borrowing).]
(5)Section C of a capital spending plan shall consist of a statement for each functional body of the total of the following amounts—
(a)the total amount of [F4capital expenditure] which the Mayor expects the body to incur during the year; and
[F5(b)the total of the amounts which the Mayor expects the body to be treated as borrowing in the year because of section 8(2) of the Local Government Act 2003;]
and in this section the total of those amounts is referred to as the body’s total capital spending for the year.
(6)Section D of a capital spending plan shall consist of an analysis of each functional body’s total capital spending for the year showing—
(a)the amount which the Mayor expects the body to meet out of capital grants;
(b)the amount which he expects the body to meet out of F6... its capital receipts;
[F7(c)the amount which he expects the body to meet by borrowing or entering into or varying credit arrangements;]
(d)the amount which he expects the body to meet by making a charge to a revenue account.
Textual Amendments
F1Words in s. 122(3)(b) repealed (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 8 Pt. 1; S.I. 2003/2938, art. 4(e) (with art. 8, Sch.)
F2Words in s. 122(3)(c) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 75(2); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F3S. 122(4)(b) substituted for s. 122(4)(b)-(d) (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 75(3); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F4Words in s. 122(5)(a) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 75(4)(a); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F5S. 122(5)(b) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 75(4)(b); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
F6Words in s. 122(6)(b) repealed (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(6), Sch. 8 Pt. 1; S.I. 2003/2938, art. 4(e) (with art. 8, Sch.)
F7S. 122(6)(c) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 75(5); S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
Commencement Information
I1S. 122 partly in force; s. 122 not in force at Royal Assent, see s. 425(2); s. 122 in force for specified purposes (3.7.2000) by S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3
[F8(1)For each financial year, the Mayor shall prepare a draft of the capital spending plan for the year.]
(2)Before 15th January in the financial year preceding that to which the capital spending plan relates, the Mayor shall—
(a)send a copy of the draft to the Assembly and to each functional body; and
(b)invite them to submit their comments on the draft to him in writing within 21 days.
(3)Before finally determining the contents of the capital spending plan, the Mayor shall consider any comments submitted in accordance with the invitation under subsection (2)(b) above and make such revisions of the draft as he thinks fit, having regard to those comments.
(4)Before 28th February in the financial year preceding that to which the capital spending plan relates, the Mayor shall—
(a)send the plan to the Secretary of State; and
(b)send a copy of the plan to the Assembly and to each functional body.
(5)A copy of the capital spending plan shall be kept available for the appropriate period by the Mayor for inspection by any person on request free of charge at the principal offices of the Authority at reasonable hours.
(6)A copy of the capital spending plan, or any part of it, shall be supplied to any person on request during the appropriate period for such reasonable fee as the Mayor may determine.
(7)In this section the appropriate period in the case of a capital spending plan is the period of six years beginning with the date of publication of that plan pursuant to this section.
Textual Amendments
F8S. 123(1) substituted (1.1.2004) by Local Government Act 2003 (c. 26), s. 128(3)(e), Sch. 7 para. 76; S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)
Commencement Information
I2S. 123 partly in force; s. 123 not in force at Royal Assent, see s. 425(2); s. 123 in force for specified purposes (3.7.2000) by S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3