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Findings No.3 COA Annual Audit Report 2006

July 26, 2008

Due and demandable receivable accounts of the City Government amounting to P 7,882,507.35, has remained uncollected for two (2) years or more, thus depriving the Agency and its constituents of the beneficial use of its funds.

In the course of our review of the receivable accounts of the City Government, particularly the Loans Receivable – GOCC (124), Loans Receivable – Others (126) and Other Receivables (149) accounts, we have established that a total of P 7,882,507.35, of these accounts had remained uncollected for 2 years or more, a schedule and ageing of these accounts is attached as Annex F to this Report and made an integral part hereof.

The failure of the City Government to promptly collect these due and demandable accounts beyond the periods stated in memorandums of agreement and other contracts covering these receivables had deprived other constituents of the City to avail of the cash assistance which could have been generated from its collections.

On this audit observation, the City Mayor was glad that we had brought this matter to his attention, more particularly the Loans Receivable from the Bukidnon Second Electric Cooperative amounting to P 1,000,000.00 and had assured the Audit Team that the City Government will exert effort to collect this account.

In addition thereto, we had also been informed that most of the SEA-K receivables were already referred to the Legal Department of the City for collection. For the other accounts, the City Mayor has instructed the City Accountant to trace and establish the accountabilities of the debtors and to form a team to collect these receivables.

Recommendation:

Require the concerned City officials and employees to exert more effort to effectively monitor and

collect these receivable accounts.


Written by admin · Filed Under Commission on Audit, Malaybalay 

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