An Executive meeting took place at Stormont to discuss budget plans The Northern Ireland Assembly is set to debate a draft budget on Wednesday, following late night talks at Stormont Castle.
Ministers spent hours discussing proposals by the First Minister Peter Robinson and Deputy First Minister Martin McGuinness on Tuesday night.
The Executive meeting followed a session of the Stormont budgetary review.
The full details of the draft will be presented to the Assembly later.
BBC Political Editor Mark Devenport said it is highly likely the proposals will not be endorsed by all ministers.
He added: “The SDLP and the UUP are more likely to let the document go to consultation without giving it either a thumbs up or thumbs down.”
The draft is expected to include cuts for some departments as well as proposals for generating extra revenue, such as a charge on civil service car parking and a plastic bag levy.
Belfast Harbour is to be asked to contribute £125 million to the Executive over four years from its cash reserves. Local housing associations may also be asked to contribute funding.
The regional rate will rise in line with inflation. Public sector workers on more than £21,000 a year will be subject to a pay freeze.
There will be a “social solidarity fund” to help those hit by welfare benefit changes and the Enterprise Department will get some more funds for job creation.
“ There is a period of consultation, this is not a finalised document”
Sinn Fein’s Conor Murphy
Speaking ahead of the Executive meeting the Regional Development Minister Conor Murphy said he was “very hopeful” an agreement would be reached.
However, Mr Murphy insisted the final agreement is a matter for the entire Executive and all of the coalition parties must be onboard.
He added: “Of course people will have an opportunity to go over the budget line by line. There is a period of consultation, this is not a finalised document.”
Northern Ireland is the last devolved administration to agree on a budget.
Chancellor George Osbourne ordered Stormont to cut spending by £4bn over the next four years as part of the Spending Review announcement on 20 October.
However, the five-party coalition has yet to agree on how the savings will be made.
Scotland and Wales have already outlined their spending plans.
There have been concerns expressed by ministers about at the length of time it has taken to finalise a proposal.
The First Minister Peter Robinson said that a budget had to be agreed on before Christmas.
However, Sinn Fein had warned it would not be rushed in to making a decision.
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