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Based on my experiment just now, it clearly gives a count of available items which is incorrect. If I create a folder, with no projects, OFi reports None available. If I add a single sequential project, on hold, with a single available action, sync it over, OFi reports 1 available, but has no projects to display! Further experiments suggest the available count varies with the number of actions which would be available were all of the projects active, not on hold. Add a parallel project, on hold, with two actions which would be available, and the available count goes up by 2.

I would call that a bug, yes.