Note 14 – Trust Liabilities
This account consists of the following:
2024 2023
Trust Liabilities ₱ 986,641.60 ₱ 1,262,495.77
Trust Liabilities-Disaster Risk Reduction 101,279,624.01 96,687,806.57
and Management Fund
Bail Bonds Payable 709,868.28 709,868.28
Guaranty/Security Deposits Payable 28,350,351.12 30,715,395.24
Customer’s Deposits Payable 1,680,725.38 1,556,503.22
Trust Liabilities – Disallowances/Charges 636,490.22 602,500.00
Total Trust Liabilities ₱ 133,643,700.61 ₱ 131,534,569.28
Trust Liabilities DRRM Fund consists mainly of unspent 30% Quick Response Fund and
70% Mitigation Fund from CYs 2019 to 2024.
The Guaranty/Security Deposits Payable account consists of bidder’s bond and 10%
retention of project billings from Contractors.
Customer’s Deposits Payable represents the guaranty deposit required in the installation of
water service. It shall be refunded when the concession changes hands or when the service
is closed permanently provided that all outstanding accounts of the depositor, if any, shall
be first deducted from the said guaranty.
Trust Liabilities – Disallowances/Charges is mainly composed of payments in CY 2024 for
the disallowances for PEI released in 2014 amounting to ₱385,500.00 and for the Charter
Day T-Shirts in 2015 amounting to ₱200,000.00 (Note 5 – Receivables). This amount shall
be deducted from Receivables –Disallowances/Charges upon receipt of Notice of
Settlement of Suspension/Disallowance/Charge from the Commission on Audit, in
accordance with COA Circular No. 2022-002 dated January 24, 2022.
Note 15 – Deferred Credits/Unearned Income
Deferred Credits
Deferred Real Property Tax Income ₱ 1,245,109.02 ₱ 1,336,813.76
Deferred Special Education Tax 298,226.54 463,029.99
Total Deferred Credits/Unearned Income ₱ 1,543,335.56 ₱ 1,799,843.75
Deferred Real Property Tax (RPT) and Deferred Special Education Tax (SET) represent
balances of Receivables from RPT and SET set-up at the beginning of CY 2024 which shall
be closed at the beginning of CY 2025.
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