Sunday, May 21, 2006
Ad Hoc reports P2-M Panagbenga earnings
By Rimaliza Opiña
THE 2006 Panagbenga Ad Hoc Management Committee finally reported it netted P2,097,697.38 during the month-long flower festival this year as shown in an audit account submitted to Mayor Braulio Yaranon.
The audit report, covering January 1 to April 30 which was prepared by Certified Public Accountant Federico Paragas and submitted by committee treasurer Victorino Agcaoili, showed that the Ad Hoc-led festival had a gross earnings of P9,161,665.39 but incurred expenses amounting to P7,657,698.01.
In its schedule of cash disbursements, it showed that bulk of the expenses went to the item dubbed "subsidy," which was listed at P1,037,500; taxes and license fees at P1,250,822; prizes at P674,000; food at P645,504.07 and rentals at P503,649.29.
Other disbursements included the purchase of office equipment, fireworks, payment of honoraria, consultancy and legal fees, purchase of materials for the 'Paint-it-with-flowers' banner painting contest, advertisements, secretariat expenses, supplies, sound system, salaries of secretariat, billboard and streamers, construction materials, electrical materials, salaries and engineering works, power light and water, hotel accommodations, decorations, fuel, IDs and posters, communications, tickets for the country garden fair at Melvin Jones football field, allowances of volunteers, plaques, donations, electrical installation at Melvin Jones and Session Road, transportation, photocopy, postage, media representation, security, commissions, prizes for the children's games and bank fees.
The group, meanwhile, earned a gross income of P5,994,929.78 from space and stall rentals and another P2,537,480 from sponsorships. Out of the 10 corporate sponsors, Smart Communications poured in P2,060,000, followed by Pepsi Cola Bottlers - P150,000, Digitel - P84,000, Victory Liner - P75,000, Philippine General Merchandise - P60,000, San Miguel Corporation - P53,480, Universal Robina Corporation - P30,000, RCPI - P12,000, Sunlife Insurance - P8,000 and Northwall - P5,000.
Of these sponsorships, the Ad Hoc still has P535,000 accounts receivables from Smart (P500,000), Purefoods (P25,000) and San Miguel (P10,000).
Non-current assets such as property and equipment as well as scrap materials were listed as P58,730.
"The 2006 audited report of the Panagbenga is for the public to see and scrutinize - we have nothing to hide," stressed the Ad Hoc in its transmittal letter addressed to Yaranon dated May 18.
Signed by Ad Hoc chair Nelia Cid and co-chair Bishop Carlito Cenzon, they said they have "stood by our word - no amount of public funds was used to bankroll the 2006 and the 2005 festivals."
Earlier, Yaranon requested the regional Commission on Audit to review the funds used by the Baguio Flower Festival Foundation Inc. (BFFFI) - the other group that also conducted its own flower festival activities - in managing the 2003 and 2004 editions of the crowd-drawing event. Accordingly, public funds amounting to P5.4-million were used for the two earlier festivals.
(May 21, 2006 issue)
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