1(1)It shall be the duty of the Mayor and the Assembly, in accordance with the following provisions of this Schedule, to prepare and approve for each financial year—E+W+S
(a)a budget for each of the constituent bodies as such (a “component budget”); and
(b)a consolidated budget for the Authority (a “consolidated budget”).
(2)A component budget must consist of statements of—
(a)the amount of the component [F1council tax] requirement for the constituent body concerned; and
(b)the calculations under section 85(4) to (7) of this Act which give rise to that amount.
(3)A consolidated budget must consist of statements of—
(a)the amount of the Authority’s consolidated [F2council tax] requirement;
(b)the amount of the component [F3council tax] requirement for each constituent body; and
(c)the calculations under section 85(4) to (8) of this Act which give rise to each of the amounts mentioned in paragraphs (a) and (b) above.
(4)In this Schedule “public meeting”, in relation to the Assembly, means a meeting of the Assembly throughout which members of the public are entitled to be present.
[F4(5)In this Schedule “the relevant principles”, in relation to a budget or a council tax requirement for a financial year, means the principles approved by the House of Commons for the financial year under section 52ZD of the Local Government Finance Act 1992 (principles in connection with council tax referendums).
(6)For the purposes of this Schedule, whether or not a budget or council tax requirement for a financial year complies with the relevant principles is to be determined by reference to whether or not the amount that would be calculated for the year under section 88 or 89 above (calculation of basic amount of council tax) by reference to the budget or council tax requirement is excessive by reference to the relevant principles.]
Textual Amendments
F1Words in Sch. 6 para. 1(2)(a) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 40(b); S.I. 2011/2896, art. 2(i)
F2Words in Sch. 6 para. 1(3)(a) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 40(b); S.I. 2011/2896, art. 2(i)
F3Words in Sch. 6 para. 1(3)(b) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 40(b); S.I. 2011/2896, art. 2(i)
F4Sch. 6 para. 1(5)(6) inserted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 6 para. 37(2); S.I. 2011/2896, art. 2(i)