This document presents a review of the execution of the 2016 administrative budget of the GCF. It is based on actual expenditures relating to activities of the Board and the Secretariat for the year 1 January to 31 December 2016 and on estimated expenditures for the Interim Trustee. Please note that these numbers are unaudited.

For the year ended 31 December 2016, total expenditures amounted to USD 25.6 million or 71 per cent of the approved budget of USD 36.1 million.

The underspend of USD 10.6 million comprises underexpenditures of USD 0.5 million for both the Board and the Independent Accountability Units, and USD 9.6 million for the Secretariat.

The document also reports on expenditures relating to the Readiness and Preparatory Support Programme.

In addition, the document introduces GCF unaudited financial statements as at 31 December 2016.