Date Opened/ Remaining
Bank Account No. Fund Balance Term Maturity Date
Subscribed Term
PVB 880-470-000106 GF 1,000,000.00 5/2/2019 91 days 1/20/2025 20 days
LBP 0291-2196-16 GF 1,879,820.20 7/9/2003 91 days 2/3/2025 34 days
LBP 0291-2372-20 GF 5,183,986.80 12/10/2006 91 days 2/3/2025 34 days
LBP 0291-2543-49 GF 5,000,000.00 7/24/2013 91 days 2/3/2025 34 days
LBP 0291-2545-78 GF 15,314,344.00 9/3/2013 91 days 2/3/2025 34 days
LBP 0291-2562-52 GF 2,125,651.40 6/23/2014 91 days 2/3/2025 34 days
DBP 0740-12633-160 GF 41,373,010.00 1/22/2014 30 days 1/17/2025 17 days
DBP 0740-12633-160 GF 12,582,487.05 12/19/2014 30 days 1/17/2025 17 days
DBP 0740-12633-160 GF 5,033,218.02 12/28/2017 30 days 1/22/2025 22 days
DBP 0740-12633-160 SEF 40,000,000.00 12/15/2015 91 days 3/3/2025 62 days
5.4. These time deposits can be rolled over or renewed upon maturity. The table above
is summarized as follows:
Funds LBP DBP PVB Total
General Fund (GF) ₱29,503,802.40 ₱58,988,715.07 ₱1,000,000.00 ₱ 89,492,517.47
5.5. The review and analysis of the CIB-LCTD revealed the following deficiencies
concerning its compliance with the provisions of the Circular:
Funds invested in time deposits under the GF were not idle
5.6. The Municipal Treasurer, with the concurrence of the Municipal Mayor, issued a
Certification dated April 21, 2025, stating that the Municipality had idle funds
available for investment in a High-Yield (Special) Savings Account. However, the
certification lacked supporting computations or analysis to substantiate the
availability of such idle funds.
5.7. Upon further inquiry with the Municipal Treasurer’s Office, it was revealed that a
portion of the funds placed in time deposit came from real property tax payments
under protest, due to disputes over varying tax rates. However, as clearly outlined in
Section 22 of COA Circular No. 92-382, unremitted national collections and funds
earmarked for obligations to government corporations or cooperatives are not to be
considered idle funds of local government units.
5.8. A detailed cash analysis revealed that the Municipality’s available cash balance as
of December 31, 2024, 2023, and 2022 was insufficient to cover total obligations,
as well as regular and recurring operating expenses, including salaries, wages,
maintenance costs, and debt servicing.
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