CEBU, Philippines - The Cebu City Council is inviting the Local Finance Committee to appear in its August 14 session to apprise the legislators of the city’s financial status.
In yesterday’s session, Council Noel Wenceslao delivered a privilege speech about the city P965 million overdraft as stated in the report of the Commission on Audit.
The LFC is composed of the city treasurer, budget officer and the planning and development officer.
The council also invited City Accountant Diwa Cuevas to be present during the session so she can also give additional information.
The four Team Rama allied councilors, namely,James Cuenco, Dave Tumulak, Mary Ann delos Santos and Nendell Hanz Abella, did not object when Wenceslao moved to invite the executive department officials in one of their sessions.
Wenceslao explained that the city has incurred the P965 million deficit because the city only had P1.016 billion as of last December, but its payables are to over P1.9 billion.
The city’s actual revenue collections last year was only about P4 billion or P1.2 billion short of its annual budget.
According to Wenceslao, he is starting to believe that the real reason for Mayor Michael Rama’s desire to sell South Road Properties (SRP) properties is the shortage of budget.
Wenceslao said the mayor, through the LFC, should explain why the city has not released the cash assistance for the senior citizens until now as well as the school supply allowance of the city’s scholars.
“The mayor had a pronouncement to dispose of the properties in SRP. Is the real intention is to solve the liquidity problem or the dwindling cash position of the city? This is a serious matter that needs immediate and urgent attention,†Wenceslao said added. – (FREEMAN)