While it's clichéd to apply the phrase 'smoke and mirrors' to the financial aspects of 'A Fresh Start' there are few other conclusions you can draw. The borrowing arrangements for the public sector exit scheme and flexibility on loan repayments made in last Christmas's agreement remain.
In fact, almost all of the financial commitments from the Stormont House Agreement have been copied and pasted into the updated document. These include £350m of borrowing for infrastructure projects, the utilisation of the proceeds from the sale of 'specific assets' such as Belfast port, and £500m capital investment for shared education which, following the realisation that this is perhaps too ambitious has now been partially earmarked for shared housing. Notably, the £150m from London for dealing with the past that came first on the list last year has been relegated to the foot of the page this time around, reflecting the lack of progress on legacy issues.
The £564m of executive funds for five years of welfare mitigation measures in last year's accord has morphed into £585m to cover welfare cuts and anticipated reductions in tax credits over four years.
Up to £25m of new money has been committed to combat paramilitarism, though this will be delivered at community level rather than as a security solution. The PSNI and new cross-border crime agency will benefit from £160m of additional funding over the coming years, though this merely matches the extra £200m that Whitehall provided for security between 2011-2015. It is also understood there is £60m to carry out work on removing Belfast's peace walls.
The Irish government has pledged a further £25m on top of £50m previously committed – to be match-funded by Stormont – as well as smaller amounts for other projects.
