Question & AnswerQ&A (Act No. 12)
The main purpose of Act No. 12 is to prescribe the method to be adopted by the Insular Treasurer in keeping and rendering accounts of his receipts and disbursements of public funds.
The accounts must show the kind of money, whether insular or that of the United States, in which each item of receipts and disbursements has been made, including the account upon which the same has been received or disbursed.
The Insular Treasurer must prepare tabulated statements showing the several sources from which revenue has been received and the purposes for which it was disbursed, with three columns showing amounts in insular money, United States money, and the aggregate amounts stated in United States money.
The third column is calculated by reducing the amounts of insular money to United States money at the ratio established for each quarter and adding these to the amounts of United States money.
The ratio for that quarter was two dollars of insular money for one dollar of United States money.
All reports must contain transcripts of the tabulated statements showing the amounts of all receipts and disbursements in United States money.
The balance should be carried forward to the next quarter's account but reduced to its value in United States money at the ratio established for the new quarter if different from the previous quarter's ratio.
The Treasurer must account for the actual money received and disbursed in the kinds of money so received and disbursed, regardless of its reduced equivalent in United States money.
The accounts shall be audited based on the actual kinds of money received and disbursed, not on their reduced equivalents in United States money.
The Act took effect immediately upon its passage on October 3, 1900.