Former Laguindingan, Misamis Oriental mayor dies

September 12, 2008

By Lizanilla J. Amarga

A former municipal mayor of Laguindingan, Misamis Oriental finally succumbed to his liver illness and died at Polymedic Hospital this city around 5:00 p.m. last Tuesday. Read more

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Fake ore transportation permits worries Gov. Moreno, MGB-10

July 31, 2008

By Lizanilla J. Amarga

The regional office of the Mines and Geosciences Bureau (MGB-10) is now investigating the proliferation of fake documents that allow them to transport certain ore and other minerals from place to place in the region and even beyond its boundaries. Read more

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Findings No.5 COA Annual Audit Report 2006

July 26, 2008

5. The Province failed to collect promptly its share from the real property tax collection of the 24 municipalities under it, amounting to P5,464,618.18 which could have been used for other priority needs of the provincial government. Read more

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Findings No.4 COA Annual Audit Report 2006

July 26, 2008

4. Inventory of semi-expendable and non-expendable supplies and property amounting to P18.53 million were still in the name and accountability of personnel and employees no longer connected with the provincial government of Misamis Oriental because Property Issue Slip and Memorandum Receipts were not religiously renewed every three (3) years.

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Findings No.3 COA Annual Audit Report 2006

July 26, 2008

3. Equipment amounting to P560,038.72 determined by the agency to be unserviceable and junked were still carried in the Property, Plant and Equipment Inventory account and also included in the submitted Inventory Report thus, overstating the fixed assets account in the trial balance.. Read more

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Findings No.6 COA Annual Audit Report 2006

July 26, 2008

2. The Provincial Government of Misamis Oriental was deprived on the use of its fund in the amount of P162.94 million due to non-collection of its account receivable from MISORTEL

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Findings No.1 COA Annual Audit Report 2006

July 26, 2008

1. Reconciling items shown in the bank reconciliation statements for balances per books amounting to P1,193,197.07 and per bank of P477,460.65 have remained unadjusted for quite a long time, thereby rendering the cash in bank account unreliable. Read more

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Findings No.7 COA Annual Audit Report 2005

July 26, 2008

7. The amount of P3,251,234.43 under the Trust Fund books was placed under time deposit for the purpose of earning interest thus, implementation of the project for which it was intended was delayed.

Section 17 of COA Circular 2002-003, the Manual on the New Government Accounting System, states that account 113, Cash in Bank – Local Currency, Time Deposit is used to record placement in local currency of excess cash or cash not earmarked for immediate use or idle funds.

However, Section 22 of COA Circular 92-382 defines idle funds as the level of funds of which an entity can freely invest in government securities and/or fixed term deposits after considering provisions for coverage of regular and recurring operating expenses like salaries and wages, repairs and maintenance, inventories and supplies, debt servicing, etc., within the context of the entity’s cash operating cycle. Unremitted national collections and funds set aside for payment of obligations to government corporations shall not form part of the idle funds of local government units.

Review of the cash account under the Trust Fund books revealed that an amount of P2,251,234.43 earmarked for a certain project was placed by the agency under time deposit with Philippine Countryside Rural Bank (PCRB) since July 29, 1998 and another P1,000,000.00 was at Land Bank of the Philippines since August 2005.

It was learned from the Provincial Treasurer that the said amount were placed under time deposit for the purpose of earning interest income while the projects are not yet implemented.

As a result, the implementation of the projects for which it was intended was adversely affected thus, depriving the intended beneficiaries of its benefits.

Recommendation:

Stop the practice of placing funds for time deposit for the sole purpose of earning interest. Not only does it delay the implementation of a certain project, but it also deprived intended beneficiaries of the benefits they can get out of its use.

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Findings No.6 COA Annual Audit Report 2005

July 26, 2008

6. Expenses that can be classified under specific expense accounts 751 to 950 were charged to account 969 – Other Maintenance and Operating Expenses because appropriation for that specific expenses are already used up. Read more

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Findings No.5 COA Annual Audit Report 2005

July 26, 2008

5. Subscription of five (5) mobile phone lines under the Office of the Provincial Governor runs counter with the provisions of COA Circular No. 85-55-A, the rules and regulations on the prevention of Irregular, Unnecessary, Excessive or Extravagant expenditures on use of funds and property. Read more

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