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THE “unrealistic” income projection of Cebu City for the past five years, including its P50 billion projected income in 2023, has been flagged by the Commission on Audit for potentially compromising projects due to insufficient cash back-up.COA, in its 2023 audit report, said the deficit of actual income of the City has been increasing since 2019, with the latest deficiency skyrocketing to P42 billion.In 2019, Cebu City’s Local Finance Committee had an income projection of P6.
321 million for the repair of the building owned by the Metropolitan Cebu Water District despite the lack of contract, which the COA said is equivalent to a lack of protection of its resources, which is not in keeping with the state policy stipulated in Section 2 of the State Audit Code of the Philippines, which states that “all resources of the government shall be managed, expended or utilized in accordance with law and regulations, and safeguarded against loss or wastage through illegal or...
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