a. Real Property Tax Receivable
The Real Property Tax Receivable set-up at the beginning of the year is
₱1,992,359.00, and of which, ₱582,817.96 or 29.25% was collected.
Per Certified List of All Real Property Tax Delinquencies, the Real Property Tax
Receivable is ₱38,928,367.52. However, the full amount was not recognized in the
financial statements, as a substantial portion of the reported receivables is subject to
legal constraints, disputes, or other conditions that impair their collectibility.
Accordingly, full recognition of the amount would not present a fair valuation of
assets and may result in a material overstatement of the Real Property Tax Receivable
account.
b. Special Education Tax Receivable
For the Special Education Tax Receivable, ₱1,992,359.00 was set-up at the beginning
of the year, and of which, ₱558,733.83 or 28.04% was collected.
Per Certified List of All Real Property Tax Delinquencies, the Special Education Tax
Receivable is ₱38,576,982.52. However, the full amount was not recognized in the
financial statements, as a substantial portion of the reported receivables is subject to
legal constraints, disputes, or other conditions that impair their collectibility.
Accordingly, full recognition of the amount would not present a fair valuation of
assets and may result in a material overstatement of the Special Education Tax
Receivable account.
c. Loans Receivable – Others
Loans Receivable – Others remain dormant for more than 10 years. There is currently
no available records/documents to validate or support the claim. The management
will request for write-off the aforementioned dormant account pursuant to COA
Circular No. 2016-005.
d. Due from LGUs
Fund transfers to other Local Government Units for Inter-Local Alliances are
recorded in this account. During the current year, the Municipality of Bindoy
transferred ₱200,000.00 to the Municipality of Tayasan as counterpart to Bindoy-
Ayungon-Tayasan-Manjuyod (BATMan) Alliance – a coastal and fisheries resources
management alliance among member coastal LGUs.
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