The city's books still show a public market and old, unusable items that have already been torn down or written off, overstating the value of buildings and property by millions of pesos. Proper procedures for demolishing and removing the asset from records were not followed.

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Original Audit Finding Excerpt

"The non-derecognition of these unserviceable properties from the books resulted in the overstatement of the reported balance of the PPE accounts. This is inconsistent with IPSAS No. 17 which requires the derecognition of PPE items when no future economic benefits or service potential is expected from its use or disposal."

Source Document