While the National Treasury reported an impressive overall expenditure of 99.72 per cent, it should be noted that transfers to receiving entities constitutes a substantial share of the expenditure. Transfers and Subsidies constituted 98.07 per cent of budget and 99.83 per cent of transfer funds was disbursed to receiving entities at the end of the financial year. The National Treasury's responsibility regarding transfers is to coordinate and to disburse transfer funds to the receiving entities, as well as monitor the use of funds by entities, particularly provinces and municipalities. Transfer budgets are implemented (actual expenditure) by the receiving entities.