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Home News Top Stories

Parañaque cash status questioned

Rio N. ArajabyRio N. Araja
October 22, 2016, 12:01 am
in Top Stories
Reading Time: 1 min read
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THE Commission on Audit has questioned the Parañaque City government for its huge cash shortfall in 2015 with its cash balance at P1.282 billion as of Dec. 1, 2015 against its current liabilities of P2.045 billion.

CoA said the locality’s financial statements in general fund, special education fund and trust fund showed the cash deficit or overdraft incurred in 2014 decreased only by P112.024 million.

“The cash available as of Dec. 31, 2015 of P1,282,112,838.33 is still insufficient to cover the current liabilities amounting to P2,044,839,260.71, which includes cash withheld for remittances to Bureau of Internal Revenue, Government Service and Insurance System, Philippine Health Insurance, Pag-IBIG Home Mutual Development Fund and other agencies of the government,” the report read. 

“Further analysis disclosed cash deficit under the Trust Fund which indicates that portion of the fund was expended for purposes other than those for which it was created.”

A huge cash deficit for any of the locality’s funds would indicate the city government “may not be able to meet its short-term obligations and to timely implement its important projects, programs and activities in the ensuing year.”

Tags: cash statusCommission on AuditParañaque City
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Rio N. Araja

Rio N. Araja

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