In CY 2024, the Municipality recorded an amount of ₱2,000,000.00 under the
Trust Fund, representing its counterpart to the Barangay for the implementation of KC-
NCDDP AF.
Included also in the Other Receivables account is the long overdue cash overdraft
of ₱128,415.12 from former Assistant Municipal Treasurer, Mr. Nicanor Geronimo;
₱1,740.00 from Mr. Delfin Flores; and ₱800.00 from Mr. Teodocio Dayao, Jr., both
former members of the PNP; and ₱1,000.00 from, Mr. Danilo Solana, who is no longer in
the service. These accounts were previously recorded as part of the Advances to Officers
and Employees account.
Note 6 – Inventories
This consists of the following:
2024 2023
Office Supplies Inventory ₱ 0.00 ₱ 101,404.00
Accountable Forms, Plates and Stickers 0.00 80,678.00
Drugs and Medicines Inventory 0.00 731,368.20
Other Supplies and Materials Inventory 1,035,905.00 2,010,990.00
Total Inventories ₱ 1,035,905.00 ₱ 2,924,440.20
Other Supplies and Materials Inventory pertains to various tangible items classified as
semi-expendable property, with an expected useful life of more than one (1) year but
below the capitalization threshold.
Note 7 – Prepayments and Deferred Charges
Advances to Contractors ₱ 473,189.10 ₱ 125,296.86
Other Prepayments and Deferred Charges 10,000,000.00 0.00
Total ₱ 10,473,189.10 ₱ 125,296.86
This amount pertains to mobilization fees and other advance payments for
ongoing projects/contracts entered into by the Municipality, in accordance with its terms
and conditions.
Note 8 – Property, Plant and Equipment, net
The transfer and adjustment column relates to reclassifications between the
different classes of assets, as well as to other categories of assets, including inventory and
intangible assets.
The LGU measures the residual value of all items of property, plant and
equipment but does not expect a residual value for these assets, as they will be utilized
for their entire economic lives and do not have a significant scrap value. During the
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