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Finance committee acts on requirement for proper handling of road project

THE City Council committee on finance, budget and appropriations chaired by Councilor Edna M. Dahino late last week took up the request of Mayor Oscar Moreno to authorize the city treasurer to open two separate bank accounts, as a requirement to properly manage the proposed development of Barangay Balubal Purok 1 to Sitio Lagilay Access Road. The project will be funded by the Asian Development Bank for the implementation of the Integrated Natural Resources and Environmental Management Project under the Department of Environment and Natural Resources Office in the total amount of P17 million.

Likewise discussed was the request of the City Finance Department for the city government to invest and purchase treasury bills for a period of ninety days only, to be taken against the idle cash amounting to P20 million deposited in the Philippine Veterans Bank (P10 million) and Amanah Islamic Bank (P10 million) and for its subsequent transfer of deposit to the Land Bank of the Philippines.

The committee recommended the approval of these requests. (sp)

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