Allow me to sell SRP, Rama tells council
WITH a substantial amount of the city’s funds either tied up in time deposit or tagged as payment in a lot dispute case, Cebu City Mayor Michael Rama is calling on the City Council anew to allow him to sell lots at the South Road Properties (SRP).
“Ma salbar ang tanang utang sa syudad ug ibaligya ang (We can pay all the debts of the city if we sell the) SRP,” Rama said.
Rama cited investors like the Ayalas, Aboitizes and even Saranggani Rep. Manny Pacquiao as interested buyers.
Rama also unveiled a proposal from a Japanese firm to put up a retirement facility at a portion of the SRP.
Despite this, the mayor said the council had been preventing him from selling SRP lots.
The mayor was emphatic in saying that the city isn’t bankrupt under his watch contrary to a published advertisement by the Bando Osmeña-Pundok Kauswagan (BO-PK) in several local dailies.
“Let us sell the SRP and lift all problems (with our tagged deposits) with the bank (then we will be able to address the city’s financial needs). If there is going to be a suit, sue me,” he said.
An August 16 report from the City Treasurer’s Office (CTO) showed that the city now has P1.094 billion cash in bank.
Half of that amount or P503.65 million is deposited under its general fund (GF) account.
The remaining P590.55 million is placed under special accounts broken down into trust fund at P422.38 million and the Special Education Fund (SEF) at P168.17 million.
Acting City Treasurer Tessie Camarillo said in an Aug. 19 letter to Councilor Margot Osmeña that the city’s GF includes P165.3 million which was placed on a five-year time deposit with the Philippine Veterans Bank.
The amount will mature in 2016. Another P43 million deposited with the Philippine Postal Bank remains to be a tagged account in relation to the Rallos lot case.
The city government is yet to settle P172.67 million in payables computed as of August 19.
Its payables include funds due for transfer at P125.83 million, past suppliers at P20.11 million and honoraria for schools at P10.54 million.
Also included were cash advances at P7 million and payment for hospital utilities at P6.33 million. Osmeña, chairperson of the council’s budget committee, shared the city treasurer’s report during last Tuesday morning’s executive session.
In the absence of the local finance committee, the executive session went on with Commission on Audit (COA) officials in attendance.
The council scheduled another executive session with the local finance committee on Aug. 28. Chief of Reporters Doris C. Bongcac
