There are four deals: Belfast City region, Derry City and Strabane, Mid South West region and Causeway Coast and Glens.
The Belfast deal was first announced in 2019 and was formally signed off in December 2021.
Only it has projects which are actually operational, while the Mid South West (MSW) deal has not yet been formally signed and its governance arrangements await final approval.
The Audit Office found that by 31 March 2025, less than 5% (£58m) of the central government capital funding had been used across all deals.
This is forecast to rise to only 8.5% (£113m) by March this year.
Each deal is supposed to be delivered over a 15 year period with the Audit Office warning that time constraints could potentially place funding at risk.
It said this issue is “not currently recognised and formally managed as a strategic risk across deal risk registers, despite a potential risk to funding if delivery does not accelerate.”
The report also raises concerns about the long term financial sustainability of deal projects.
The deals cover construction and set-up costs but the project promoters, typically local councils, must underwrite future operational and maintenance costs.
There is a strategic risk that these long-term financial commitments may become unsustainable.