were prepared. However, existing circumstances and assumptions about future
developments may change due to market changes or circumstances arising
beyond the control of the LGU. Such changes are reflected in the assumptions
when they occur.
Useful lives and residual values
The useful lives and residual values of assets are assessed using the following
indicators to inform potential future use and value from disposal:
a) The condition of the asset based on the assessment of experts employed by
the LGU;
b) The nature of the asset, its susceptibility and adaptability to changes in
technology and processes;
c) The nature of the processes in which the asset is deployed; and
d) Changes in the market in relation to the asset.
Note 4 – Cash and Cash Equivalents
2024 2023
Petty Cash Fund ₱12,883.19 ₱15,797.00
Cash in Bank Local Currency, Current Account 2,100,261,934.24 2,032,650,185.36
Cash in Bank Local Currency, Time Deposit 257,000,000.00 257,000,000.00
Total ₱2,357,274,817.43 ₱2,289,665,982.36
Cash in banks earns interest based at the respective bank deposit rates.
The General Fund maintains its current accounts with Land Bank of the Philippines (LBP)-
Bais Branch and Development Bank of the Philippines (DBP)-Dumaguete City Branch.
Both the Special Education Fund and the Trust Fund maintain their current accounts with LBP-
Bais City Branch.
The Cash in Bank-Local Currency, Time Deposit account in the General Fund comprises
11.94% of the total cash as of December 31, 2024. This is classified as High Yield Deposits at
LBP-Bais City Branch in the amount of ₱244,000,00000 and as Special Savings Deposit at the
Philippine Veteran’s Bank-Dumaguete City in the amount of ₱13,000,00000.
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