I propose to take Questions Nos. 37, 43 and 48 together.
The Revised Estimates volume provided for an increase of 7.2% in net voted spending in 2004. The current indications are that expenditure for the full year will be close to this target, notwithstanding underspends to date.
Net voted capital spending during the first nine months of 2004 amounted to €2.6 billion compared to €2.8 billion 2003. It represents a 6.4% decrease on the corresponding period in 2003, compared to a REV increase of 3.5% for the year as a whole. The capital underspend is mainly due to timing reasons.
Rolling five year multi-annual capital envelopes were introduced in budget 2004 to enable Departments to plan, implement and manage their capital programmes and projects within a framework of relative multi-annual financial security. A key element of the envelopes is that Departments will be able to carry over up to 10% of voted capital from one year to the next. Whilst latest indications are that Departments generally do not anticipate significant underspends on capital at year end, they will, subject to the 10% ceiling, be able to carry over capital savings to next year. The first preliminary indication of the overall scale of the proposed capital carryover by Departments will be known when the Abridged Estimates volume is published on 18 November.
The introduction of the rolling multi-annual capital envelopes that involve a commitment to maintain public investment at 5% of GNP in the 2004-2008 period will ensure that the progress made under the NDP in addressing infrastructural needs is maintained. Total cumulative expenditure under the economic and social infrastructure operational programme to end 2003 accounts for the bulk of infrastructural investment under the NDP. It amounted to €14.9 billion, over €1 billion more than forecast originally.