Section C8.13 sets out the process of approving the Budget and how it goes from being draft to the Approved Budget.
In respect of the Draft Budget circulated in January for the next Regulatory Year commencing thereafter, the Panel shall:
(a) arrange for the circulation to all the Parties of the comments received from the Parties regarding the Draft Budget in the 20 Working Days following its circulation;
(b) consider and respond to those comments, and circulate its responses to all the Parties;
(c) to the extent that it considers it appropriate to do so, amend the Draft Budget and/or the accompanying work plan in the light of those comments;
(d) approve the Draft Budget (subject to any such amendments) and publish that budget and the accompanying work plan on the Website; and
(e) specify a date in such publication (being not less than 15 Working Days following the date of publication) from which such budget will (subject to Section C8.14) become the Approved Budget for the relevant Regulatory Year.