Commission on Audit: Compostela town is bankrupt

[davanitz]

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How come

CEBU, Philippines – The Municipality of Compostela does not have sufficient funds to pay for its obligations, including salaries to employees and other payables, state auditors reported after reviewing the town's books for 2009.
The Commission on Audit (COA) in its report released October 7 said the municipality only has P1.55 million cash in its bank and treasury records, which are not enough to pay for its P14.8 million obligations by the end of 2009.
The auditors said the disparity is expected to increase when unrecorded disbursements and other unreconciled items are brought to light by a special audit team.
According to auditors, the municipal treasurer continued to certify that funds were available for expenses identified by officials including then Mayor Ritchie Wagas, causing the town to incur payables that could not be paid by their actual funds.
"The municipal treasurer, who was supposed to monitor income collections, continued to certify the availability of funds in the purchase request and disbursement voucher and subsequently issued checks despite shortfalls in collection," state auditors said.
"The foregoing practices are indications that the municipal treasurer was negligent and remiss in his duties."

Commission on Audit: Compostela town is bankrupt | The Freeman >> The Freeman Sections >> Cebu News

[Tirong-say]

Unsa man kahay main source of income sa Compostela?
okay ba kaha pud ilang source of local revenues.
Pero duna man pud tingale allocation ang national government
ini nga municipality, naa man gani IRA para sa mga barangays.

Tingale naa na puy treasure hunting nga nahitabo....he-he

[gshukaku]

KNK kay nganu kaha

[brandnewbien]

kung province pa ba, ang tax sa mga tao padung na sa municipio? or padong sa city of cebu?
sori hinay kaau ko ani hehe curious lng

[FAQ]

Ka luoy sa Compostela gud ... Kuyawa murag 75% sa mga municipal employees mawad-an jud ug trabaho ... Kuyaw kaayo 2 nalang basurero sa whole town, less than 10 police officers, doctor nalang ug BHWs sa health centres and etc ...

[orochimaru700]

dapat adtoan gyud ni ug mga banggitan nga mga tga COA para ma resolve ning mga anomalya diri

[nsvc902]

Ma BANKRUPT gyud na ang Compostela kay "Home of the Free" man kuno sila. Walay kitaon kay FREE man tanan bwahahahaa....

Mao ni ang resulta sa administrasyon ni Ritchie Wagas. Padulong gihapon siya sa Muntinglupa kauban sa iyang igsoon nga si Gilbert. Maayo gyung pakungon ang duha.

[crossramz]

whose the icumbent mayor karon sa compostela?

[adie0525]

hastang luuya.. they should work on this..

[SPRINGFIELD_XD_40]

Redundant na man kaayo ni COMPOSTELA issues .

Locking this .