THE administration of vice governor-elect and outgoing Gov. Hilario Davide III, is leaving P3.1 billion worth of cash in bank to the leadership of returning governor and outgoing Rep. Gwendolyn Garcia (Cebu, 3rd).
This was confirmed by Assistant Provincial Treasurer Manny Guial, citing the Provincial Government’s current cash position.
Guial said the cash position is among the official documents that the Capitol’s governance transition team is preparing for the executive department’s turnover of power on June 28, 2019.
He pointed out that the cash position provides the amount of cash the Capitol owns which includes cash in bank and cash on-hand that is with the Provincial Government’s disbursing officers.
The P3.1 billion cash in bank covers the Capitol’s income from various sources such as locally generated income, taxes and fees, and its monthly share from the Internal Revenue Allotment amounting to P280 million. It also includes cumulative revenues from transactions in the past years.
Aside from the cash position, the treasurer’s office is also preparing copies of the Capitol’s Electronic Statement of Receipts and Expenditures for the first quarter of 2019 as part of the records that will be turned over to the next administration.
Guial said this will show the expenditures incurred by the Province. But as of press time, Guial could not yet determine how much the Capitol had spent over the past months.
“Although in the treasury we have disbursement of funds, it’s not actually the expenditures. Not all disbursements are expenditures in this case. Meaning to say, releases of funds are not all expenditures. It’s the accounting (department) which finalizes the income as well as the expenditures. They are the ones who are the keeper of the books of final entries,” he continued.
The Provincial Budget Office, for its part, has also prepared a copy of the approved 2019 annual budget so that it can be included in the documents that will be turned over.
Earlier, Garcia’s transition team had expressed that part of its priorities is to review all accounting-related documents and contracts under the Davide administration. (from AZLG of SuperBalita Cebu/RTF)