Year 4 saw most of the network’s research projects in an active phase of implementation, with significant progress made in aligning actual expenditures with planned spending.
Over the reporting period, the network’s total spend was 102% of planned spending ($6,486,966 against a 2019/20 budget of $6,331,503, not including carry-over from previous years). This represents a marked increase on the previous fiscal year (2018/19) during which actual spending was 73% of planned spending ($5,201,077 against a budget of $7,147,976).
The network has succeeded in increasing the proportion of budgeted funds spent during the current reporting period; however, a significant underspend remains as a result of delays in executing institutional agreements and other start-up activities. Indeed, our total carry-over from Years 1 to 4 is $13,762,740 (cash and in-kind). We anticipate further catch-up in spending as network activities progress over the remaining period of the grant, which was recently extended to March 31, 2023.
Note: Year 1 is FY 2016/17, Year 2 is FY 2017/18, Year 3 is FY 2018/19, and Year 4 is 2019/20.