Finance Minister Jane Hutt AM put forward her draft budget motion to the finance committee on 28 September 2011.
Committee members focused their discussion on the minister's proposals to amend the Welsh Government's current budget model.
According to Ms Hutt the amendment will reflect one of her key concerns that some departments declare under spends late in the financial year, due to legal requirements.
Ms Hutt believed that the late declarations make it difficult to redirect those unutilised funds.
However Conservative AM Paul Davies raised his concerns that the proposed changes, based on the Scottish model, would allow the minister the freedom to move and switch money from different budgets without AM's approval.
The minister assured the committee that she would inform them of any changes in the budget.
The committee also took evidence from Steve Thomas, Chief Executive of the Welsh Local Government Association (WLGA) and Leader of Cardiff Council Rodney Berman.
Mr Berman raised their concerns about the changes to the 21st Century Schools Programme.
The programme's intention between the Welsh Government, the WLGA and local authorities is to improve and build new school buildings.
Originally councils sent proposals based on them contributing 30% of the costs of each project, with the remainder being paid by the Welsh Government.
However, BBC Wales revealed in December that a shortfall of hundreds of millions of pounds was expected.
Local authorities have now been asked to contribute 50% of the costs.
During the committee Rodney Berman told AMs that the local authority didn't have the resources to cover these costs.
Read this in Welsh.