This document presents a review of the execution of the 2017 administrative budget of the GCF. It is based on actual expenditures relating to activities of the Board, Independent Units and the Secretariat for the year 1 January to 31 December 2017 and on estimated costs for the Interim Trustee. Please note that these numbers are unaudited.

For the year ended 31 December 2017, total expenditures amounted to USD 42 million or 84 per cent of the approved budget of USD 50.2 million.

The underspend of USD 8.2 million comprises under-expenditures of USD 1.1 million for the Board; USD 1.8 million for the Independent Accountability Units; USD 5.6 million for the Secretariat offset by an over expenditure of USD 0.3 million on the costs for the interim trustee.

The document also reports on expenditures relating to the Readiness and Preparatory Support Programme, PPF, NAPs and disbursement on approved Funding Proposals.

In addition, the document introduces GCF unaudited financial statements as at 31 December 2017.