Negative Fund Balance and Non-Compliance with MOA for NLEX-SLEX Project
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceNHA spent more than the available funds for a road project, leading to a negative balance, and did not relocate the required number of families.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"@ @ Agency Action Plan Reason for i j Target Implementation Partial/Delay/ ; ; Ref. Audit Observations Audit Recommendations Action Plan Person/Dent. Date Status of Non- Action Taken/Action to be Taken Responsible Implementation | Implementation, From To if applicable c. Impose sanctions on erting NHA personnel who may be remiss in their obligations; d. Pursue legal actions against the contractors to address the breaches of contract; and e. Consider the creation of a committee responsible for monitoring the contractor's performance/surety bonds and collecting the money value of the forfeited performance/surety bonds. We further recommended that the Management: a. Reassess the computation of LD for the delays incurred by the concerned contractors to ensure compliance with the prescribed provisions of the RIRR and verify that the correct amounts are collected from their claims; and b. Subsequently, collect any additional sums required to address any deficiencies identified. Not I"