COA: Cebu City overspent by 1B

[MTMAN]

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CEBU CITY—Despite its “dwindling” resources, the Cebu City government spent more than what it could afford last year, resulting in a cash “overdraft” of close to P1 billion, according to the Commission on Audit (COA).
State auditors warned the city government against suits that may arise if it fails to settle its debts with creditors.
In a report dated April 30, Cymbeline Celia Chiong-Uy, state auditor IV, reminded Mayor Michael Rama of the need to “exercise prudence in the use of the [city’s] limited resources.”

“Stop the practice of incurring obligations without the corresponding cash backup to avoid penalties, surcharges and most of all legal implications in case the city is unable to meet its obligations,” said the report.

Read more: COA: Cebu City overspent by P1B | Inquirer News


Wow, just recently saw this...

[THE KID]

[kevitzrey]

shocks mn! haha

[crossramz]

that's good to hear..

[Eve's Apple Project]

Paabot sa ta unsay masulti ni mike rama ani..close to 1 billion? Gabeha ah?!

[kit_cebu]

priceless, TK...hahaha

[MeMing]

tingali chung hua/cebu doc na ang CCMC nato ani?! ok ra kaayo na nako bahalag utangan ta!

pero feel nako padung ning kwartaha sa mga Fortuner ug Montero sa mga "public servants" nato... kabantay mo dili na sila mag AUV these days kay puros na gyud dapat SUV?

[kit_cebu]

sakay lang ta na silag baratohon nga sakyanan oi...pakita pod sa tawo ba...or bisan sa regular nga lakaw...
mag-SUV/mahalon lang nga sakyanan kung naa'y bisita taga-gawas ba...

[cmac2]

Still surprised?!

[<SMILE>]

The late barangay captain who was accused of killing
his supposed mistress was provided with a toyota hilux,
I guess a part of the overspent 1 billion.