Yes, in my experience this regards possible extension based on the quality of the output which determines further funding. If you produce what was required and in good quality (also showing there needs to be further work done with__), then they can argue that it is very beneficial to extend the RA funding for ___ more months, with the same pay and hours.
I was informed a decision to extend about 3 weeks before the first instance funding was scheduled to end, so you should have enough time to begin job hunting in case the funds aren't there for extension.