Skeletal mesh to which the AnimationBudgetAllocator registered in the animation track is applied does not play the initial frame animation

This issue occurs when “Auto Register with Budget Allocator” is enabled for the skeletal mesh. Unchecking “Auto Register with Budget Allocator” seems to resolve the issue. Adding the following to the project has been confirmed to prevent this issue from occurring 

void ABudgetAllocatorTestCharacter::BeginPlay()
{
    // Call the base class  
    Super::BeginPlay();
    // Add the following
    if (GetMesh()->IsUsingExternalTickRateControl())
    {
        GetMesh()->EnableExternalUpdate(true);
    }
} 

1. Get the repro project from the linked URL
2. Launch the project in the editor and run PIE
3. Press the Num [0] key
Then, the spawned skeletal mesh actor skips the initial animation. See the attached video and screenshots for details.