Budget 2026 set out an expenditure ceiling of €117.8 billion. This reflects a significant uplift in expenditure to support the delivery of our programme for Government commitments. Expenditure figures from March were published on 7 April as part of the fiscal monitor. This is published monthly and sets out the spending position for each ministerial Vote group. It compares expenditure to the profile set out by Departments and to the previous year. Quarter 1 showed total gross expenditure was €26.4 billion. This was €1.6 billion, or 6.4%, higher than the same period last year.
At an overall level, end-of-March spending is broadly in line with the plans submitted by Departments, with the aggregate variance from profile showing an underspend of 1.6%. Budget 2026 provided total capital spending of €19.1 billion, a record level of investment. This will work in tandem with reforms to support the delivery of critical infrastructure in electricity, transport, housing and energy.
Capital spending at the end of March was €2.7 billion, showing an increase of 8% on the same period last year.
The largest year-on-year increases were in the Department of Education and Youth, which was up €89 million; the Department of Transport, which was up €57 million; and the Department of housing, which was up €56 million. Capital spending, as the Deputy knows, tends of ramp up as the year progresses, with the highest spending levels in quarter 4.
Budget 2026 also provided for a significant increase in the level of current expenditure, advancing key priorities in health, social protection and public services. End-of-quarter 1 spending was at €23.7 billion, or an increase of 6.2% on the end of March last year. This reflects budget 2026 measures such as social protection rate increases and front-line health and disability services. The Vote groups with the largest year-on-year increases were the Departments of Social Protection and Health.
Current spending is €0.2 billion or 0.9% behind the plans set out by Departments. The majority of Vote groups are under profile. My Department actively monitors spending developments and is in ongoing engagement with all Departments to identify any spending risks and mitigations. There are other areas. I will continue on them in my next contribution.