This document presents a review of the execution of the 2018 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 2018 and on estimated costs for the Trustee. Please note that these numbers are unaudited.

For the year ended 31 December 2018, total expenditures amounted to USD 61.8 million or 90 per cent of the approved budget of USD 69 million.

The under expenditure of USD 7.2 million comprises under expenditures of USD 0.8 million for the Board; USD 0.8 million for the independent accountability units; and USD 5.6 million for the Secretariat.

The document also reports on expenditures relating to the Readiness and Preparatory Support Programme, the Project Preparation Facility, national adaptation plans and disbursement on approved funding proposals.