The C5 Northern Link Road Project had a negative balance because disbursements exceeded the funds received, forcing NHA to borrow from Corporate Receipts, violating several regulations.

Why It Matters

Recommended Actions

• Revert to Corporate Receipts the funds used for the C5 Northern Link Road Project
• And include provisions in the MOA for timelines of accomplishments vis-a-vis the release of funds and the exclusivity of the housing projects for DPWH relocatees.

Original Audit Finding Excerpt

"Ref. Audit Observations Audit Recommendations Agency Action Pian Action Plan Person/Dept. Responsible Target Implementation Date From To Status of Implementation Reason for Partial/Delay/ Non- Implementation, if applicable Action Taken/Action to be Taken CY 2023 AAR Observation No. 27, page 242 The Trust liabilities account included eight non-moving and long outstanding subsidiary accounts amounting P49.735 million as at December 31, 2023 due to non-preparation of SRDs, among others, affecting the fair presentation of the account in the financial statements, contrary to Item 4.9 of COA Circular No. 94- 013. a. Liquidate and/or return the unused fund including the interest thereof to the Source Agency for those trust liability accounts which are nonmoving and had already been completed; and b. Prepare SRDs for ali trust funds particularly those without separate bank accounts and subsidiary records as at December 31, 2023. Accounting Department Reg 3 Not implemented Not"

Source Document