122 Form and contents.E+W+S
(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