Draft budgets.

1 The Minister of Finance and Personnel shall, before the beginning of each financial year, lay before the Assembly a draft budget, that is to say, a programme of expenditure proposals for that year which has been agreed by the Executive Committee in accordance with paragraph 20 of Strand One of the Belfast Agreement. 1A At least 14 days before laying a draft budget for a financial year, the Minister of Finance and Personnel must lay before the Assembly a statement specifying the amount of UK funding for that year notified to the Minister by the Secretary of State. 1B At the same time as laying a draft budget for a financial year, the Minister of Finance and Personnel must lay before the Assembly a statement showing that the amount of UK funding required by the draft budget does not exceed the amount specified under subsection (1A) for that year. 1C Subsection (1D) applies if, after a draft budget for a financial year has been laid before the Assembly, the Secretary of State notifies the Minister of Finance and Personnel that the amount of UK funding for that year has been revised to the amount specified in the notification. 1D Before the end of the period of four months beginning with the day on which the notification under subsection (1C) was given, the Minister of Finance and Personnel must lay before the Assembly a statement specifying the revisions to the expenditure proposals which are required in consequence of the notification. 1E The amount of UK funding required by the expenditure proposals (taking account of the revisions under subsection (1D)) must not exceed the amount specified in the notification under subsection (1C). 2 The Assembly may, with cross-community support, approve a draft budget laid before them with or without modification. 3 In this section references to UK funding, in relation to a financial year, are to funding from such sources as are specified in the notification mentioned in subsection (1A) in relation to that year.