City Treasurer denies P50M SEF fund missing
City Treasurer Katherine Tingson yesterday denied allegations that last year's P50 million Special Education Fund (SEF) is missing.
She said all the funds are all accounted for and the remaining amount has been deposited to the three different bank accounts.
In yesterday's press conference, Tingson explained there is a remaining balance of P58,935,169.11 deposited in three different accounts. Depository banks are Development Bank of the Philippines (DBP) and Philippine Postal and Savings Bank (PPSB).
Tingson gave the breakdown of money deposited as follow: P11,438,736 in its current account with the DBP; P11,438,736 in its savings account deposit in PPSB and another P45,000,000 time deposit at the PPSB.
Tingson, however, said the City Treasurer's Office made a total collection of P77,147,035.13 last June 2008.
Tingson's statement was in response to allegations that P50 million SEF fund could not be accounted by the treasurers office. They only deducted the P58,953,169.11 from the P109,734,494.59 actual collection without considering the other financial obligations of the city, said Tingson.
She further explained that in 2007, the actual collection made for the SEF amounted to P109,734,494.59. The collection surpassed the estimated collection for the said year. The SEF is being taken from the one percent of the total Real Property Tax (RPT) collected by the treasurers office and P1 million from the city's time deposit.
Of the P109,734,494.59; the expenses reached to P78,478,448.76. It has a remaining balance of P31,256,084.83. An amount of P19,284,177.33 for the continuing projects and other accounts payable was also deducted out of the P31,256,084.83.
The fund has a surplus of P11,971,907.50. The remaining amount was used as source of fund for the Supplemental Budget Number 2 series of 2008.
Of the total P58,935,169.11 deposit in the banks, P27,679,084.28 came from the remaining SEF collected from previous years, said Tingson.
The city treasurer explained that the expenses under the SEF conforms with the accounting and auditing procedures of the government. No amount is missing as what has been alleged.
The book of accounts closed in the month of March. The city's financial obligations which are not paid during the previous year are paid in the month of March, Tingson said.