The document reports on the execution of the GCF 2019 administrative budget, the 2018–2019 budget approved for the forward-looking performance review and the 2018-2019 budget for first formal replenishment of the GCF. The cut-off date for the report is 31 December 2019. Administrative expenditure relates to costs for Board activities, the independent units, the Secretariat and the Trustee. Please note that these numbers are unaudited.

As at 31 December 2019, total expenditure was USD 65.9 million for annual budgets (82 per cent of the approved budget) and USD 1.5 million for multi-year budgets (70 per cent of the approved budget).

The budget balance of USD 14.8 million comprises USD 0.5 million for the Board, USD 1.3 million for the independent units, USD 12.4 million for the Secretariat, USD 0.06 million for the forward-looking performance review and USD 0.6 million for replenishment.