Inconsistent Funding Source and Insufficient Funds for Housing Project
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe project was supposed to be funded from a different source than what was recorded, and the money available is not enough to pay for the contract.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Based on the FY 2024 APP, the contract for Sikat Talisayan Housing Project, under Region IX, with a contract amount of P114.897 million, was tagged under Corporate Receipts, with allotment of P116.400 million. However, the Certificate of Availability of Funds (CAF) dated November 27, 2024, indicates that the funding source for the project is from NG Subsidy in the amount of P72.750 million. The funding source and tagging of the project under Corporate Receipts are inconsistent with the program, while the CAF indicates that the available funds are insufficient to fully cover the contract amount."