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Revised IPG NotesFS2017
Revised IPG NotesFS2017
By the power of the Maura Law in 1893, Iloilo became a province and its capital became a
city. However, the civil government was formally established on April 1, 1901, when the
Philippine Commission headed by William H. Taft went to Iloilo to inaugurate the civil
government.
Pursuant to RA No. 7160, the Province like other LGU’s was given more power, authority,
responsibilities and resources to enable it to attain full development as a self-reliant
community and as an effective partner in the attainment of national goals.
Inclusions in the consolidated financial statements are the transaction of the four funds-
General Fund, Special Education Fund, Trust Fund and Philippine Rural Development
Project Fund.
The Philippine Rural Development Project (PRDP) Fund was created pursuant to the
Memorandum of Agreement between the Department of Agriculture and the Iloilo Provincial
Government. The agreement provides for a separate set of books. For consolidation
purposes – PRDP is included in the Trust Fund.
The financial statements herein are being prepared in accordance with the Philippine Public
Sector Accounting Standards (PPSAS).
Revenue recognition – Share from Internal Revenue Collections and Real Property Tax –
Basic provincial share on collections by municipalities are booked using the accrual method.
The straight-line method of depreciation is followed. Assets subject to depreciation are being
depreciated on the month following the purchased date.
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Breakdown/Composition of, and explanatory notes on, major accounts
The Iloilo Provincial Government maintains current accounts and time deposit accounts with
the Land Bank of the Philippines, the Philippine Veterans’ Bank and the Development Bank
of the Philippines
Note 5 - Investments
The balance of Investment in Bonds under the Trust Fund amounting to P29,101.36 is the
unreconciled beginning balance since 2003.
Note 6 - Receivables
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Account Total General Fund SEF Trust Fund
Due from NGAs 27,174,477.31 8,960,715.67 18,213,761.64 -
Due from GOCCs 4,762,523.40 4,762,523.40 - -
Due from LGUs 287,396,384.18 203,725,580.33 82,833,960.43 836,843.42
Intra-Agency Receivables
Due from Other Funds 330,747,029.59 243,866,517.07 3,214,022.64 83,666,489.88
Due from LEEs 406,332,530.85 406,332,530.85 - -
Advances
Advances for Operating
Expenses 985,144.79 985,144.79 - -
Advances to Special Disbursing
Officer 4,428,348.19 4,428,348.19 - -
Advances for Officers and
Employees 917,030.40 917,030.40 - -
Other Receivables
Receivables-
Disallowances/Charges 134,913,337.73 134,911,638.30 - 1,699.43
Due from Officers and
Employees 17,732,339.53 1,745,266.43 - 15,987,073.10
Due from NGOs/POs 2,181,930.00 400,000.00 1,781,930.00
Other Receivables 7,641,571.24 7,026,833.22 85,668.83 529,069.19
Total Receivables 1,330,117,651.36 1,085,343,157.67 141,971,388.67 102,803,105.02
Loans extended to cooperatives are recorded using the account “Loans Receivable-Others”.
Collections of payments from loans extended to cooperatives are recorded liabilities within
the General Fund’s “Other Payables Account.”
The Real Property Tax-Basic (Provincial Share for General Fund and SEF based on the
Summary of Collections submitted by the different municipalities but not yet
remitted/liquidated to the provincial treasury) are booked under the Real Property Tax
Receivable Account at year-end.
The Advances to Special Disbursing Officers Account includes P3,500,000.00 cash advance
for confidential fund.
Starting January 1, 2014, district hospitals are being classified as economic enterprises. The
extent of subsidies is limited to MOOE requirements. This is in compliance to LBC 100 and
LBC 100-A. The amount released is recorded as “Due from Local Economic Enterprise”
while the district hospital recognizes a liability for the amount received.
Note 7 - Inventories
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Account Total General Fund SEF Trust Fund
Accountable Forms, Plates and
Stickers 793,182.10 793,182.10 - -
Animal/Zoological Supplies 3,880,081.38 3,880,081.38 - -
Food Supplies 31,900.00 31,900.00 - -
Drugs and Medicines 99,301,318.26 99,301,318.26 - -
Med., Dental and Lab. Supplies 51,264,217.56 49,660,787.56 - 1,603,430.00
Fuel, Oil and Lubricants 98,240,217.78 91,388,556.31 - 6,851,661.47
Agricultural and Marine
Supplies 24,266,559.55 13,703,863.75 - 10,562,695.80
Textbooks and Other
Instructional Materials 39,218.36 39,218.36 - -
Military, Police and Traffic 303,015.60 303,015.60 - -
Construction Materials 819,679.55 819,679.55 - -
Other Supplies and Materials
Inventory 45,422,746.68 45,422,746.68 - -
Total Inventories 363,247,780.02 343,918,056.75 311,936.00 19,017,787.27
The amount appearing in the Fuel, Oil and Lubricants Inventory includes purchases of fuels
and lubricants to be used in the construction of provincial government’s projects and
inventories for each office for their motor fuel consumptions. Liquidations are submitted
once the projects are completed. Each department/office liquidates their inventories when
used.
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Account Total General Fund SEF Trust Fund
Water Supply Systems 38,622,095.24 38,622,095.24 - -
Power Supply Systems 40,446,922.12 40,446,922.12 - -
Other Infrastructure Assets 12,285,861.54 12,285,861.54 - -
Building and Other Structures
Building 642,741,271.10 642,741,271.10 - -
School Buildings 2,671,680.69 1,483,963.42 1,232,717.27 -
Hospital and Health Centers 322,028,639.68 322,028,639.68 - -
Markets 94,150.00 94,150.00 - -
Other Structures 48,141,755.94 44,930,886.83 3,210,869.11 -
Machinery and Equipment
Office Equipment 39,908,320.75 38,558,372.25 1,349,948.50 -
Information and Communication
Technology Equipment 40,124,153.02 39,978,636.07 145,516.95 -
Agricultural and Forestry Equipment 17,855,650.50 17,827,300.50 - 28,350.00
Marine and Fishery Equipment 80,490.74 80,490.74 - -
Communication Equipment 12,682,008.53 12,645,297.74 36,710.79 -
Construction and Heavy Equipment 147,812,158.73 147,812,158.73 - -
Disaster Response and Rescue
Equipment 3,996,988.56 3,996,988.56 - -
Military, Police and Security
Equipment 371,370.03 371,370.03 - -
Medical Equipment 124,915,488.75 124,915,488.75 - -
Sports Equipment 1,139,160.90 885,721.70 253,439.20 -
Technical and Scientific Equipment 7,947,372.67 7,938,117.72 9,254.95 -
Other Machinery and Equipment 147,123,179.82 146,261,028.19 809,156.13 52,995.50
Transportation Equipment
Motor Vehicles 60,426,012.60 60,426,012.60 - -
Watercrafts 3,926,553.45 3,926,553.45 - -
Other Transportation Equipment 32,003.35 32,003.35 - -
Furniture, Fixtures and Books
Furniture and Fixtures 33,634,781.48 33,456,646.73 178,134.75 -
Books 487,064.15 487,064.15 - -
Construction in Progress
Infrastructure Assets 391,816,856.75 179,147,030.65 1,823,387.20 210,846,438.90
Buildings and Other Structures 348,088,312.35 307,503,057.05 - 40,585,255.30
Other Property, Plant and
Equipment
Other Property, Plant and Equipment 910,721.57 910,721.57 - -
Total Property, Plant and
3,883,627,517.03 3,623,065,342.48 9,049,134.85 251,513,039.70
Equipment
Biological Assets
Bearer Biological Assets
Breeding Stocks 5,182,939.00 5,182,939.00 - -
Total Biological Assets 5,182,939.00 5,182,939.00 - -
Intangible Assets
Computer Software 287,829.75 287,829.75 - -
Total Non-Current Assets 3,889,100,063.88 3,628,537,889.33 9,049,134.85 251,513,039.70
PPE accounts are net of accumulated depreciation except for Construction in Progress.
There is an on-going reconciliation of PPE accounts between the records of the Accounting
Office with the records maintained by the General Services Office.
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Note 10 - Current Liabilities
Due to Officers and Employees (20101020), included in this account are indebtedness to
officers and employees of the Provincial Government such as unclaimed travelling
allowances, salaries, allowances (PERA and hazard pay), overtime pay and
reimbursements as of December 31, 2017.
Fund received by the Provincial Government intended for a specific purpose are booked
under the 20201050 account in the Trust Fund.
The total undistributed Real Property Tax (RPT) collected by the Provincial Treasurer was
initially booked under Due to LGU’s (20201070) account.
Due to Economic Enterprises (20301030), included in this account are funds transferred to
the district hospitals which remain unclaimed as of December 31, 2017.
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The amount appearing in Trust Liability-DRRM represents cumulative amount of unobligated
balance of calamity fund from General Fund and donations received starting CY 2012.
As of December 31, 2017, the Iloilo Provincial Government has an outstanding loan from the
Land Bank of the Philippines in the amount of P198,846,954.45 broken down, as follows:
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Account Total General Fund SEF Trust Fund
Tax Revenue - Fines and Penalties
1,220,134.73 1,220,134.73
- Other Taxes - -
Total Tax Revenue 246,541,741.43 129,335,722.50 117,206,018.93 -
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Note 16– Gains
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Note 18 – Maintenance and Other Operating Expenses
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Account Total General Fund SEF Trust Fund
Repairs and Maintenance - Land
91,835.00 91,835.00 - -
Improvements
Repairs and Maintenance -
25,004,135.35 25,004,135.35 - -
Infrastructure Assets
Repairs and Maintenance - Buildings
3,444,045.82 3,444,045.82 - -
and Other Structures
Repairs and Maintenance - Machinery
5,969,288.34 5,969,288.34 - -
and Equipment
Repairs and Maintenance -
4,505,819.78 4,505,819.78
Transportation Equipment - -
Repairs and Maintenance - Furniture
and Fixtures 161,636.50 161,636.50 - -
Repairs and Maintenance - Other
Property, Plant and Equipment 276,575.10 276,575.10 - -
Taxes, Insurance Premiums and Other
Fees
Taxes, Duties and Licenses 101,899.89 101,899.89 - -
Fidelity Bond Premiums 1,408,494.75 1,408,494.75 - -
Insurance Expenses 7,089,001.66 7,089,001.66 - -
Other Maintenance and Operating
Expenses
Advertising Expenses 1,490,204.94 1,490,204.94 - -
Printing and Publication Expenses 1,219,573.75 1,219,573.75 - -
Representation Expenses 1,608,320.86 1,608,320.86 - -
Rent Expenses 12,000.00 12,000.00
Membership Dues and Contributions 482,240.00 482,240.00 - -
to Organizations
Subscription Expenses 598,031.25 598,031.25 - -
Donations 106,508,243.73 96,911,619.74 9,596,623.99 -
Other Maintenance and Operating 43,375,854.56 43,375,854.56 - -
Expenses
Total Maintenance and Other
883,307,122.72 873,506,498.73 9,800,623.99 -
Operating Expenses
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Account Total General Fund SEF Trust Fund
Depreciation - Transportation Equipment 11,319,460.16 11,319,460.16 - -
Depreciation - Furniture, Fixtures and Books 2,353,833.79 2,353,833.79 - -
Depreciation - Other Property, Plant and 217,464.06 217,464.06 - -
Equipment
Amortization
Amortization, Intangible Assets 27,920.25 27,920.25 - -
Total Non-Cash Expenses 105,828,463.47 105,589,795.71 238,667.76 -
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Note 23–Other Non-Operating Income/Losses
The LDRRMF represents the amount set aside by the LGU to support its disaster risk
management activities pursuant to RA No. 10121 otherwise known as the “Philippine
Disaster Risk Reduction Management Act of 2010.” The amounts available for the quarter
ending December 31, 2016 are broken as follows:
Unspent/unutilized CY 2012 balance will be transferred back to the General Fund after the
lapse of its prescription period.
Cash and cash equivalents consist of cash on hand, balances with banks, and investment in
money market instruments.
Cash and cash equivalents included in the cash flow statement comprise the following
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statement of financial position amounts: (absolute amount)
Timing Differences:
Prepayments charged to current
(315,485,974.51) (10,947,706.07)
appropriations
Unconsumed Inventory charged
(102,441,356.50)
to current appropriations
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Personnel Financial
General Fund Proper Income MOOE Capital Outlay
Services Expenses
Consumed Inventories and
deferred charges charged to 34,210.79 281,717,280.01
prior period appropriations
Commitments (Obligated but
(18,173.82) (88,408,072.05) (169,056.72) (50,140,039.05)
not yet delivered/billed)
Per Statement of Financial
2,393,581,277.47 675,814,831.90 730,927,941.39 15,058,102.86 -
Performance
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