The city demolished a public market but still counts its value as an asset in the financial records, failing to follow the required disposal procedures, which overstates the value of buildings and other structures.

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Original Audit Finding Excerpt

"Sector: LGAS-C PROVINCE OF BULACAN Prepared by: MYLYN S. CAJUCOM-GRAVADOR Date: 10/28/2024 Team: R3-16 Reviewed by: ELSA SB. PUNO Date: Agency Audited: CITY OF BALIWAG, BULACAN Approved by: ELSA SB. PUNO Date: Audit Period: CALENDAR YEAR 2023 AAR Date: April 25, 2024 From To Observation No. 1 (Reiterated) Collections were deposited regularly and intact pursuant to Section 32 of the Manual on the New Government Accounting System (MNGAS) for Local Government Units (LGUs), Volume 1. Require the CT to continuously deposit collections regularly and intact to avoid the accumulation of cash in their custody. The city treasurer office will continuously deposit collections regularly and intact to avoid the accumulation of cash in their custody. City Treasurer (CT) 2024 2024 Implemented. Not applicable Not applicable October 2024 Implemented. Jan-24 Oct-24 The City Government of Baliwag was able to deposit regularly and intact the collections of the City. Observation No."

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