Section 15 †Financing of expenditure of Board by Corporation and reimbursement by Secretary of State and Greater London Council.C1

The Board shall from time to time submit to the F1Greater London Authority, F2and the Corporation, an estimate of the expenditure which, during the period to which the estimate relates, the Board propose to incur in carrying this Act into effect, being expenditure which they propose should be defrayed in accordance with the provisions of this section; and such an estimate shall specify the matters in respect of which it is proposed that the expenditure to which it relates should be incurred, and the amount proposed to be incurred in respect of those matters.

Expenditure incurred in accordance with an estimate submitted under the foregoing subsection shall, if the estimate is approved by the F3Greater London Authority, and the Corporation, be defrayed in the first instance by the Corporation, but the Corporation F4and the Greater London Authoritymay make payments to the Board in respect of such part of the expenditure incurred or to be incurred as aforesaid or in respect of such expenditure of a particular description as the Corporation F5or (as the case may be) the Greater London Authoritymay determine, and in that event that part of such expenditure, or, as the case may be, such expenditure of that description, shall be defrayed by the Board themselves instead of by the Corporation.

Subject to subsection (4) the total of the payments made by the Greater London Authority under subsection (2) shall equal the total expended by the Corporation under that subsection.

In the case of particular amounts paid in respect of particular expenses, the Corporation and the Greater London Authority may agree that subsection (3) has effect so that the proportion of expenditure paid for by the Greater London Authority is other than one-half.