It had only P5.36 billion in its general funds, or a shortfall of P3.69 billion, according to the Commission on Audit (COA). ADVERTISEMENTIn its annual audit report, the COA also said the city government had spent money it had yet to collect, a violation of the Local Government Code. Unsound practiceThe COA said the cash overdraft was not sound fiscal administration and did not comply with laws, rules and regulations. ADVERTISEMENTViolation of audit lawAlongside the massive cash deficit, the COA said the city government failed to follow provisions of Presidential Decree No. Stop practiceThe state audit agency recommended that the city budget officer stop this practice.

Source: Philippine Daily Inquirer July 07, 2019 23:25 UTC