4(1)If the Mayor fails to comply with paragraph 3(4) above, the Assembly shall—
(a)prepare a draft component budget for each functional body, after consultation with that body;
(b)prepare a draft component budget for the Authority; and
(c)prepare a draft consolidated budget.
(2)If, at a public meeting of the Assembly, the draft consolidated budget prepared under sub-paragraph (1)(c) above is approved by the Assembly—
(a)that draft, as so approved, shall be the Authority’s consolidated budget for the financial year to which it relates; and
(b)the following provisions of this Schedule shall not apply in relation to the consolidated budget or the component budgets for that financial year.