Development Bank of the 0740-026xxx-xxx Quarterly 7,049,392.48
Philippines
Land Bank of the Philippines 1181-06xx-xx Monthly 49,815,483.34
Land Bank of the Philippines 1181-07xx-xx Semi- 164,747,062.62
annually
Total ₱ 385,128,697.95
9.4 As can be gleaned from the table above, the time deposit accounts were placed into
two banks, namely, the Development Bank of the Philippines (Dumaguete City
Branch) and the Land Bank of the Philippines (Bayawan City Branch).
9.5 However, part of these funds amounting to ₱366,170,906.39, represents the cash
back-up of current and continuing capital outlay appropriations under the General
Fund Proper, Disaster Risk Reduction and Management Fund (DRRMF),
Economic Enterprises, and the 20% Economic and Development Fund (EDF),
detailed as follows:
Current
General Fund Proper ₱22,646,000.00
20% Development Fund 43,400,000.00
LDRRM Fund 9,010,000.00
Economic Enterprises 1,450,000.00
Total Current Capital Outlay Appropriations ₱76,506,000.00
Continuing
General Fund Proper 139,308,827.88
20% Development Fund 149,652,323.90
Economic Enterprises 703,754.61
Total Continuing Capital Outlay Appropriations ₱289,664,906.39
Total Capital Outlay Appropriations ₱366,170,906.39
9.6 It is emphasized that not all of these funds qualify as “idle funds” within the context
of the definition given in COA Circular No. 92-382 and DOF Department Order
No. 071-2018, as these funds have already been programmed for different projects
for implementation during the year under current and continuing appropriations.
9.7 It must be noted that idle funds shall not only cover those funds after considering
provisions for regular and recurring operating expenses but also after considering
those funds already committed to various projects, programs, and activities (PPAs)
for implementation during the current fiscal year, including those funds covering
PPAs with on-going implementation.
9.8 Thus, placing the cash back-up for current and continuing capital outlay
appropriations under the General Fund Proper, DRRMF, Economic Enterprises,
and the 20% EDF, the projects of which are to be implemented in the current year,
is contrary to the specific guidelines regarding bank depository accounts under the
Local Government Code.
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