B.05/20: Administrative budget for 2014
The Board, having reviewed document GCF/B.05/21 Administrative Budget of the Fund for 2014:
- Approves, from the resources available or to be made available in the GCF Trust Fund, the administrative budget of the Fund for the period from 1 January 2014 to 31 December 2014 of up to US$ 18,817,566, as set out in Annex XXIII to this document;
- Notes that the Secretariat will continue to operate efficiently and will seek to maximize savings where possible;
- Approves, from the resources available or to be made available in the GCF Trust Fund, the budget cost of staff salaries and emoluments for the three‐year contract period as follows:
- For 2015: US$ 12,042,101;
- For 2016: US$ 12,403,364;
- For 2017: US$ 3,125,835.
- Authorizes the Interim Trustee to make cash transfers from the GCF Trust Fund to the Secretariat, and to the World Bank, as the Interim Trustee, in accordance with the administrative budget of the Fund approved by the Board, subject to adjustment based upon revised costs and expenditures to be incurred. In the event that the Interim Trustee determines that the amount of available resources in the GCF Trust Fund is insufficient to cover the total estimated budgets specified in paragraphs (a) and (c) above, the Board authorizes the Interim Trustee to make cash transfers to the Secretariat and the Interim Trustee up to the pro rata amount of available resources in the GCF Trust Fund to cover the total estimated budget as determined by the Interim Trustee;
- Notes that the Secretariat will submit proposals for the full administrative budget of the Fund for 2015, 2016 and 2017 in due course.