129L.— (1) In each chargeable period under a BID scheme, the BID company responsible for the scheme shall prepare and adopt a budget setting out each of the following for the next chargeable period:

(a) the expenditure estimated to be necessary during that next chargeable period for—

(i) carrying out the projects, services and works under the scheme,

(ii) administering and managing the scheme, and

(iii) carrying out functions in respect of the scheme in accordance with this Part;

(b) any income, other than the annual BID contribution under paragraph (c), estimated to accrue to the BID company;

(c) the total sum of money ("annual BID contribution") that the BID company requests the rating authority contribute towards financing the scheme for the next chargeable period by means of imposing and collecting BID contribution levies under this Part.

(2) The annual BID contribution under subsection (1)(c) is to be determined by the formula

A — B

where

A is the expenditure referred to in subsection (1)(a), and

B is the income referred to in subsection (1)(b).

(3) The BID company shall submit a copy of the budget for the next chargeable period to the rating authority concerned at least 14 days before that next chargeable period begins.]