Undeposited
Collections Deposits
Collections
Date Ref. Amount Date Amount
Dec. 27, 2024 538 (SEF) ₱ 319,987.10 Jan. 2, 2025 ₱ 222,011.06 ₱ 97,976.04
Dec. 27, 2024 5835 (GF) 1,162,551.85 Jan. 2, 2025 1,151,246.95 11,304.90
₱ 1,482,538.95 ₱ 1,373,258.01 ₱ 109,280.94
16.3 As indicated in the table above, the total collections based on RCD Nos. 538 and
5835 for SEF and GF, respectively, amounting to ₱109,280.94, were not deposited
intact on the next banking/business day, January 2, 2025.
16.4 However, we noted that out of the undeposited SEF collections totaling
₱97,976.04, only ₱5,000.00 was deposited on January 3, 2025, while the
remaining ₱92,976.04 was deposited on January 6, 2025.
16.5 Interviews with personnel at the Municipal Treasurer’s Offices revealed
shortcomings in internal controls. These include tellers failing to remit collections
to the Liquidating Officer at the end of the day for vault storage, not preparing
deposit slips immediately upon receiving collections, the mixing of collections by
the Liquidating Officer, and a lack of daily monitoring to ensure that collections
are deposited intact on the next banking day.
16.6 The absence of strong internal controls in handling official receipts, collections,
and deposits exposes the cash on hand to the risk of misappropriation or loss of
funds.
16.7 We recommended and the Municipal Treasurer agreed to ensure that the
collectors remit collections to the Liquidating Officer at the end of the day.
Deposit slips are immediately prepared upon receipt of the collections, and
collections are not mixed and are deposited intact daily or on the next banking
day.
B. OTHER MANDATORY AREAS
Compliance with Tax Laws
17. The Municipality of Sibulan complied with tax laws on withholding taxes from salaries,
wages, purchases of goods and services, and value-added tax. Taxes withheld were
remitted to the Bureau of Internal Revenue within the reglementary period.
General
Particular SEF Trust Fund Total
Fund
Beginning Balance 0.00 0.00 0.00 0.00
Add: Taxes
withheld from Jan- 9,867,944.45 322,053.89 202,687.45 20,260,630.24
Dec 2024
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