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Saturday, February 15, 2003
Capitol awash with cash: P797M surplus
By Jeanette P. Malinao
Sun.Star Staff Reporter
WHILE the National Government fought to keep the deficit down, the Cebu Provincial Government reported a surplus of more than P797 million last year, a fact that proponents of the megadome will use to push for the project.
The surplus may be much higher, said Capitol consultant Gwendolyn Garcia, considering that it does not yet include the savings in December and the unused capital outlay that will revert to the general fund.
The Commission on Audit, in previous reports, pointed out the need to improve government services, especially since some government units had untapped resources.
But the reported surplus might further strengthen Cebu Gov. Pablo Garcia’s position that the Province can build the much-debated P250-million megadome without taking basic services for granted.
It’s not a lack of resources that’s bugging the district hospitals as Cebu Province is a “cash and asset-rich” government, said Gwendolyn, the governor’s daughter. But she admitted the delivery and procurement system needs to be improved.
The report on Cebu Province’s having hundreds of millions in savings was released amid the country’s problems with a budget deficit and overall uncertainty about the economy.
The surplus was gained after the Province attained an income that was higher than what was projected and allocated.
Capitol investment
The Capitol also continues to invest in treasury bills, earning funds that are not yet intended to pay for any specific obligation or essential functions.
Departments at the Capitol are also spending less than their allocations contained in annual budgets.
Statistics from the Office of the Provincial Accountant reveal that the Province has come a long way from Garcia’s inaugural year, when he only had some P15 million to start with, said the governor’s daughter.
Aside from computing the Province’s savings, Capitol fiscal administrators will also come up with a summary of how much allocation the basic services, especially health and roads, received during Garcia’s seven years in office.
The information will be used to counter opposition to the megadome, which includes statements from Sens. Serge and John Osmeña and former governor Lito Osmeña.
This will also prove that the Province does not have to get a loan or sell properties to put up the multi-use, 16,000-seater infrastructure.
“The Province right now has no obligation with any agency whatsoever,” said Gwendolyn.
The Province is being criticized for planning to spend P250 million for the megadome, but the Mandaue City Government will actually part with more, said Provincial Board Member Antonio Almirante.
The 4.3 hectares Mandaue City offered for the undertaking is worth more than P400 million, he pointed out.
(February 15, 2003 issue)
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