SDLP and Alliance Party ministers voted against the Northern Ireland Executive's budget on Thursday.
"People give more consideration to their family's Christmas budget than the executive gave to Northern Ireland's budget," said Mr Ford.
SDLP leader Colum Eastwood said it had "five years of undeliverable promises, five months before an election".
"There's no clear indication of where funding beyond this year comes from for any of the flagship projects," he said.
"What's worse is that it was agreed on the nod just 20 minutes after the final draft was received by ministers, without consultation.
"Far from opposing austerity or making the most of the more limited devolution powers that we now have following the disastrous trade off on welfare, this budget treats families across Northern Ireland with contempt."
In the budget, health spending will rise by about 1% in real terms, while to a lesser extent, education and policing also have their budgets protected.
However, the new Department of Agriculture and Environment will face a cash cut of almost 6%.
Of the £60m that had been allocated to mitigate tax credit cuts, half will now go to protected departments.
The other £30m will be held until the outcome of the Evason review of welfare reform mitigation, but it is not certain that this money will be used for that purpose.
In announcing the budget on Thursday, Stormont Finance Minister Arlene Foster said they had "created a stable, balanced platform for the new incoming executive to take its time in constructing a multi-year budget".
"Although the outcome may prove challenging, the position is significantly better than previously anticipated."
Deputy First Minister Martin McGuinness of Sinn Féin said the budget was "an immediate investment in jobs, in our quality public services and in our long-term economic growth".
"We believe that investment in public services and in economic growth will increase employment and the quality of life of all our people," he said.
"That is why the full powers to grow and invest in our economy should be in the hands of the people here."
However, Mr Ford, who is Stormont justice minister, said that "year after year, DUP and Sinn Féin ministers cobble together a deal just to get their departments through the next 12 months".
"Opportunities for even modest, progressive forms of revenue raising remain ignored, leaving us yet again relying on cuts to public services to balance our budget," he said.
"To compound this, the DUP and Sinn Féin retain funds for them to spend on pet projects at a time when there is a clear need for spending in strategic areas.
"Perhaps most alarming, the budget includes no supporting investments in preparation for the planned reduction in corporation tax - another critical opportunity missed to plan properly for what is the biggest financial decision an executive will ever take."
Stephen McCully, president of the Northern Ireland Chamber of Commerce and Industry, said: "We have spent a number of months emphasising the importance of investment in skills and our message has not been heard.
"It is also disappointing that the Department of the Economy is receiving a cut in the Northern Ireland Executive's 2016/17 budget and doesn't seem to complement the need to prepare for a lower rate of corporation tax in 2018."
He said ministers should reconsider the "allocations to higher and further education and skills development initiatives which lead to the development of a higher value economy; support export development and reduce youth unemployment".
CBI Northern Ireland Director Nigel Smyth said he recognised the "challenging funding environment the Northern Ireland Executive faces.
"At this stage, and with the reduction in government departments, it is difficult to assess the overall impact within departments, though our initial reaction is that the new Department of the Economy has not been protected, and it remains unclear what impact this will have on investment in skills next year," he said.
"There are strong arguments for increasing investment in our colleges and universities as we prepare for the opportunities of a lower corporation tax rate in 2018."
Mr Smyth added: "We also welcome the commitments to press ahead with transforming our public services, although we are disappointed that the executive has not considered the need for any additional revenue raising measures."
Glyn Roberts of the Northern Ireland Independent Retail Trade Association said the executive had "agreed a balanced budget which is rightly focusing on investment in key economic areas such as skills and infrastructure".
"Minister Foster has made the right call in again freezing the regional rate, given the cost of business pressures many of our members are under."
Stormont's 2016/17 budget is "bereft of strategic planning", Alliance Party leader David Ford has said.