Stormont £128m goes to capital investment and youth employment
- 26 June 2012
- From the section Northern Ireland
The Stormont Executive is to re-allocate £128m of government funds.
It will mean new buses for Translink, more money for road and school repairs, and extra cash for youth employment schemes.
It will also include £30m towards a new fund that could be used to meet redundancy payments or other projects that aim to save the Executive money in the long-term.
Extra money has been set aside to help reduce hospital waiting lists.
The money has been made available under what is known as the June monitoring round.
That's when the Executive takes back money at this time of the year that its departments predict they will be unable to spend. It then re-allocates the money to other departments or schemes.
The £128m comes from a number of sources - £50m was carried over from last year's budget, £26.7m is extra money from the Treasury, and £41.3m comes from returns from the Executive's departments.
Within the departmental returns, InvestNI gave back £7.9m of its annual budget because of a "decline in business confidence".
Another £12.4m came from DCAL because of slippage in its stadium projects. The sale of the former Public Records Office site at Balmoral netted the Executive an extra £1.5m.
Re-allocating the money to other projects will mean:
- an injection of £27.8m for the Department of Regional Development's road maintenance budget
- £10m towards cutting waiting hospital waiting lists including dermatology and gynaecology, and £14.2m towards improving building in the health service
- £13.8m towards extra training and work experience placements for 2,200 at the Department for Employment and Learning
- £5.8m towards 42 new buses for Translink
CBI Northern Ireland Director, Nigel Smyth, said: "The business community welcomes the decisions in this monitoring round to focus on investment in capital investment, including maintenance works, and in helping to address youth unemployment through supporting a work placement scheme, which CBI members are keen to support.
"With significant opportunities to re-design and re-engineer how public services are delivered the allocation of additional funds to 'invest to save' measures is particularly sensible."