Purpose
6.The Act will give effect to the 2023-24 Spring Supplementary Estimates and authorises the use of resources for both 2023-24 and 2024-25.
7.For 2023-24 a total revised amount of £28,817,828,000 is authorised and for 2024-25 a Vote on Account of £18,731,611,000 is taken to provide departments and specified public bodies with provision for the early months of 2024-25, until the Main Estimates and associated Budget (No. 2) Act are voted in the summer.
8.The resources (current and capital) authorised for use for the year ending 31 March 2024 are to be used for the purposes specified in Part 2 of the estimates set out in Schedule 1 to the Act.
9.The resources (current and capital) authorised for use for the year ending 31 March 2025 are to be used for the purposes specified in Part 2 of the estimates set out in Schedule 2 to the Act.
10.The Act will also authorise the issue of cash from the Consolidated Fund of Northern Ireland in support of services for both 2023-24 and 2024-25. For 2023-24 the Act will authorise a total revised amount of £23,937,688,000 and for 2024-25 a Vote on Account of £15,724,763,000 is taken.
11.The sums to be issued from the Consolidated Fund of Northern Ireland for the year ending 31 March 2024 are to be used for the purposes set out in Part 2 of the estimates contained in Schedule 1 to the Act.
12.The sums to be issued from the Consolidated Fund of Northern Ireland for the year ending 31 March 2025 are to be used for the purposes set out in Part 2 of the estimates contained in Schedule 2 to the Act.
13.In addition, the Act will authorise temporary borrowing by the Department of Finance. For 2023-24 up to £11,968,844,000 may be borrowed to be repaid no later than 31 March 2024, and in 2024-25 £7,862,382,000 may be borrowed to be repaid no later than 31 March 2025. This is a normal safeguard to allow the efficient management of the Consolidated Fund of Northern Ireland and does not authorise any additional expenditure.
14.The Act will revise the authorisations set in the Northern Ireland Budget (No.2) Act 2023 on the use of income for the year ending 31 March 2024.