document: The Scottish, Welsh and Northern Irish administrations have their spending level dictated by the Barnett formula.
  Under it, extra funding or cuts for England has an affect on the other nations, dependent on their population size and the powers devolved to them.
  Stormont's finance committee says parts of the formula could be more open.
  That could include requiring the Treasury to publish data upon which Barnett-related decisions are based.
  As an example, the committee pointed to the initial Treasury decision to classify infrastructure spending on the London Olympics as having UK-wide rather than England-only benefits.
  That meant there were was no so-called consequential spending for the devolved governments.
  The devolved nations did eventually get extra spending, but only about Â£30m rather than the Â£330m they thought they were due.
  Some expert witnesses suggested that an independent body, such as the Office for Budget Responsibility, should be given an oversight role.
  Prof Gerry Holtham, who produced a report on funding and financing in Wales, told the committee that Northern Ireland would benefit from the formula "being put on a proper statutory basis with an element of independence from Treasury introduced".
  The committee also said that the executive should take "pre-emptive measures" for the event that the government decides to dispense with or alter the Barnett formula.
  It said this could include piloting a new needs-based formula and developing a "fully considered position" on what arrangements will be in Northern Ireland's best interests.
summary: The finance ministers of the devolved UK administrations should present joint proposals for improving the way they are funded, a Stormont committee says.