Is this grammatically correct? What does it mean and can it be rephrased? CHALLENGES ENCOUNTERED 1. Financial limitations are one of the difficulties faced during the starter and finisher phases.

Yes, the sentence is grammatically correct. It means that financial constraints are one of the problems experienced during the initial (starter) and concluding (finisher) phases of a project or process. Here’s a rephrased version of the sentence: "1. One of the challenges faced during the initial and final phases is financial limitations."