This Schedule applies in relation to any substitute calculations which are required to be made in accordance with it.

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.

The Mayor shall prepare a draft of his proposals for the substitute calculations (“the first draft”).

This paragraph applies if the Mayor has not complied with paragraph 2(3) above before the beginning of the period of restriction for the purposes of section 96 of this Act or section 52K or 52V of the M1Local Government Finance Act 1992.

Where this paragraph applies, the Assembly shall prepare a draft of their proposals for the substitute calculations, after consulting each of the functional bodies affected by the proposals.

This paragraph applies where the Mayor has laid the first draft before the Assembly in accordance with paragraph 2 above.

The first draft must be considered at a public meeting of the Assembly.

The Assembly must approve the first draft with or without amendment.

For the purposes of sub-paragraph (3) above, the only amendments which are to be made are those agreed to by the Assembly.

If no amendments are made on consideration of the first draft, the first draft shall be deemed to be approved without amendment.

In exercising its powers of amendment under paragraph 4(3) above, the Assembly must not make amendments affecting the amount of the first draft component budget requirement for the Assembly if those amendments, taken together, contravene sub-paragraph (2) below.

This paragraph is without prejudice to section 49(2) of the Local Government Finance Act 1992 (substitute amount not to exceed previous amount (but see section 49(6) of that Act)).

Find the adjusted previous component budget requirement for the Assembly as follows.

Find NM and OM, where—

• NM is the first draft component budget requirement for the Mayor, before implementing any amendments under paragraph 4(3) above;

• OM is the component budget requirement for the Mayor for the previous financial year.

Sub-paragraphs (9) to (11) of paragraph 5A of Schedule 6 to this Act (power of chief finance officer to direct amounts to be left out of account) also have effect for the purposes of this paragraph.

This paragraph applies if the Mayor has complied with paragraph 2(3) above but has failed to comply with paragraph 5(4) above before the beginning of the period of restriction for the purposes of section 96 of this Act or section 52K or 52V of the M2Local Government Finance Act 1992.

Where this paragraph applies, a public meeting of the Assembly shall be held to determine the Authority’s substitute calculations.

The substitute calculations shall be agreed by the Assembly.

Where this paragraph applies, the following provisions of this Schedule shall not apply in relation to the substitute calculations.

This paragraph applies where the Mayor presents a final draft to the Assembly in accordance with paragraph 5 above.

The final draft must be considered at a public meeting of the Assembly.

After considering the final draft, the Assembly must approve it with or without amendment.

For the purposes of sub-paragraph (3) above, the only amendments which are to be made are those agreed to by at least two-thirds of the Assembly members voting.

If no amendments are made on consideration of the final draft, the final draft shall be deemed to be approved without amendment.

The Authority’s substitute calculations shall be those in the final draft as approved by the Assembly with the amendments (if any) made in accordance with sub-paragraphs (3) and (4) above.

In exercising its powers of amendment under paragraph 7 above, the Assembly must not make amendments affecting the amount of the final draft component budget requirement for the Assembly if those amendments, taken together, contravene sub-paragraph (2) below.

This paragraph is without prejudice to section 49(2) of the Local Government Finance Act 1992 (substitute amount not to exceed previous amount (but see section 49(6) of that Act)).

Find the adjusted previous component budget requirement for the Assembly as follows.

Find NM and OM, where—

• NM is the final draft component budget requirement for the Mayor, before implementing any amendments under paragraph 7(3) above;

• OM is the component budget requirement for the Mayor for the previous financial year.

Sub-paragraphs (9) to (11) of paragraph 5A of Schedule 6 to this Act (power of chief finance officer to direct amounts to be left out of account) also have effect for the purposes of this paragraph.

For the purposes of this Schedule the “final draft component budget requirement” for any constituent body is the component budget requirement for that body as stated in the final draft.

This paragraph applies where any substitute calculations are made in accordance with this Schedule.

Where this paragraph applies, the Mayor shall as soon as practicable publish a document containing the substitute calculations.

In this paragraph “relevant document” means any document required to be published under sub-paragraph (2) above.

A copy of each relevant document 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.

A copy of any relevant document, or any part of a relevant document, shall be supplied to any person on request during the appropriate period for such reasonable fee as the Mayor may determine.

In this paragraph “the appropriate period” in the case of any document is the period of six years beginning with the date of publication of the document pursuant to this paragraph.