Project Monitoring

Project Monitoring Process

The BUD Fund Implementer will review the project progress and evaluate the project results by comparing the project progress/ deliverables reported in the progress/ final reports against its original objectives and targets as set out in the project proposal appended to the project agreement.

On-site Checking

The BUD Fund Implementer will conduct on-site checking to verify the project progress and results for selected projects.

Progress / Final Reports

To facilitate the monitoring and evaluation of approved projects, the applicant will be required to submit reports to the Implementer for review.  The Progress and Final Reports will be submitted to Programme Management Committee (PMC) for approval.

Project Duration	Submission of Progress Reports and Annual Audited Accounts	Submission of Final Report and Final Audited Accounts
18 months or below	Not required	Within two months upon project completion
More than 18 months to up to 24 months	One 12th month progress report  and Audited accounts for the first 12 months, to be submitted within one month after the relevant 12-month period.	Within two months upon project completion

Disbursement of Funds

All funding disbursement by the BUD Fund Implementer in respect of approved projects is to be made on a matching basis.  Depending on the project duration, the arrangement for disbursement of fund is as follows:

Payment Option	Project Duration	Number of Installments	Initial payment (% of total approved Government funding)	Mid-term payment (% of total approved Government funding)	Final payment (% of total approved Government funding)
Initial payment required	18 months or below	2	75%	Not applicable	Balance of approved Government funding *
	More than 18 months to up to 24 months	2	75%	Not applicable	Balance of approved Government funding *
Initial payment not required	18 months or below	1	Not applicable	Not applicable	Balance of approved Government funding *
	More than 18 months to up to 24 months	2	Not applicable	50% at maximum, subject to project progress and actual total allowable project expenditure	Balance of approved Government funding *

* Subject to the recognizable total project expenditure on project completion.

Suspension or Termination of Funding Support

The Government reserves the right to suspend or terminate funding support for an approved project. Once a project is suspended or terminated, the applicant will not be entitled to the receipt of Government funding under the BUD Fund. Any cost incurred in the project will be solely borne by the applicant. The applicant should return the Government funding disbursed in respect of these projects (regardless of whether the applicant has already spent the funds or not) together with all administrative, legal and other costs and interest.

References

Documents	Description	Download
Notes for Auditors	A guidance to facilitate the engaged auditor in conducting audits and preparing auditors’ report for approved project.
Anti Bid-rigging Confirmation Template	The template for the applicant enterprise should where appropriate request bidder/tenderer to sign a confirmation on compliance when submitting quotation/tender.