As indicated in Table 1 above, the National Treasury spent R62.7 billion (99.72 per cent) of its adjusted budget at the end of the financial year. It had under-spent by R176.8 million (0.28 per cent) due to a combination of factors. These include the following: . Under-expenditure of R7.8 million (12.79 per cent) on the Asset and Liability Management Programme. This was attributed to slow spending on the Capital Structure and Financial Distribution Policy project, as well as delays in the development of the Treasury Management System. . Under-expenditure of R53.8 million (11.72 per cent) on the Financial Management and Systems Programme. This was due to the less than anticipated spending on the Integrated Financial Management Systems (IFMS). . Under-expenditure of R83.3 million on the Provincial and Local Government Transfers Programme. This was due to the non-disbursement of R83.3 million to municipalities for the Neighbourhood Development Partnership Grant (NDPG). This Grant aims to support the development of township development plans. It further aims to support nodal investment into the construction or upgrading of community facilities. . Under-expenditure of R22.4 (0.05) million on Fiscal Transfers was due to less than anticipated transfer payments to the Financial Intelligence Centre (FIC). . Cost cutting measures implemented by the National Treasury on operational expenditure. These include training and development, travel and subsistence, venues and facilities. . Vacancies in both Asset and Liability Management and Financial Management and Systems Programmes.