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14 December 2010
Last updated at 15:12 ET
There is growing speculation that Stormont parties could agree on a draft budget within the next few hours.
Ministers were summoned to a session of the Stormont budgetary review group and a full Executive meeting was due to follow.
Minister for Regional Development, Conor Murphy, said he is "very hopeful" that Sinn Fein and the DUP are close to finalising a draft proposal.
He added: "But there's a few hours to go yet."
Northern Ireland is the last devolved administration to agree on a budget.
Chancellor George Osbourne ordered Stormont to cut spending by £4bn over the next four years as part of the Spending Review announcement on 20 October.
However, the five-party coalition has yet to agree on how the savings will be made.
Scotland and Wales have already outlined their spending plans and Tuesday's budgetary review group meeting is the clearest sign yet that Northern Ireland is finally ready to follow suit.
Mr Murphy said: "The discussions are ongoing. The budget review groups have been called together as far as I understand. I am not on it.
Continue reading the main story “Start Quote
"But obviously there have been intensive discussions over the course of the last three to four months in relation to this."
BBC Political Editor Mark Devenport said the draft is certain to include cuts for some departments as well as proposals for generating extra revenue, such as a charge on civil service car parking and a plastic bag levy.
A public sector pay freeze is also likely and the Harbour Commission and Housing Association are expected to be asked to hand over money from their cash reserves.
Conor Murphy admitted the draft budget also includes "revenue raising options".
The Minister said he expects the First Minister Peter Robinson and the Deputy First Minister Martin McGuinness to outline their proposals at the budget review group meeting.
However, he insisted the final agreement is a matter for the entire Executive and all of the coalition parties must be onboard.
Mr Murphy added: "Of course people will have an opportunity to go over the budget line by line. There is a period of consultation, this is not a finalised document."
Environment Minister Edwin Poots said he is confident the budget will be passed soon.
He added: "This is a four year budget as opposed to a one year budget that Scotland done. so when it is concluded it will give people some certainty not just for a one year period but for the lifetime of the next Assembly."
There have been concerns expressed by ministers about at the length of time it has taken to finalise a proposal.
The First Minister Peter Robinson said that a budget had to be agreed on before Christmas.
However, Sinn Fein had warned it would not be rushed in to making a decision.
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Ministers were summoned to a session of the Stormont budgetary review group and a full Executive meeting was due to follow.
Minister for Regional Development, Conor Murphy, said he is "very hopeful" that Sinn Fein and the DUP are close to finalising a draft proposal.
He added: "But there's a few hours to go yet."
Northern Ireland is the last devolved administration to agree on a budget.
Chancellor George Osbourne ordered Stormont to cut spending by £4bn over the next four years as part of the Spending Review announcement on 20 October.
However, the five-party coalition has yet to agree on how the savings will be made.
Scotland and Wales have already outlined their spending plans and Tuesday's budgetary review group meeting is the clearest sign yet that Northern Ireland is finally ready to follow suit.
Mr Murphy said: "The discussions are ongoing. The budget review groups have been called together as far as I understand. I am not on it.
Continue reading the main story “Start Quote
There is a period of consultation, this is not a finalised document”
End Quote
Sinn Fein's Conor Murphy
"But obviously there have been intensive discussions over the course of the last three to four months in relation to this."
BBC Political Editor Mark Devenport said the draft is certain to include cuts for some departments as well as proposals for generating extra revenue, such as a charge on civil service car parking and a plastic bag levy.
A public sector pay freeze is also likely and the Harbour Commission and Housing Association are expected to be asked to hand over money from their cash reserves.
Conor Murphy admitted the draft budget also includes "revenue raising options".
The Minister said he expects the First Minister Peter Robinson and the Deputy First Minister Martin McGuinness to outline their proposals at the budget review group meeting.
However, he insisted the final agreement is a matter for the entire Executive and all of the coalition parties must be onboard.
Mr Murphy added: "Of course people will have an opportunity to go over the budget line by line. There is a period of consultation, this is not a finalised document."
Environment Minister Edwin Poots said he is confident the budget will be passed soon.
He added: "This is a four year budget as opposed to a one year budget that Scotland done. so when it is concluded it will give people some certainty not just for a one year period but for the lifetime of the next Assembly."
There have been concerns expressed by ministers about at the length of time it has taken to finalise a proposal.
The First Minister Peter Robinson said that a budget had to be agreed on before Christmas.
However, Sinn Fein had warned it would not be rushed in to making a decision.
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