Law Summary
General Guidelines on Financial Reporting
- Financial statements prepared in accordance with COA Circular No. 2015-009 Revised Chart of Accounts for LGUs
- Adoption of prescribed reporting formats for accuracy and consistency
- Submission of SRE covering actual, current, and budget years through LGU Integrated Financial Tools (LIFT)
- Adherence to deadlines as prescribed by DOF-BLGF advisories
- Compliance with coordination mechanisms from DILG-DBM-DOF JMC No. 1, Series 2016
Roles and Responsibilities of DOF
- Regional Offices (DOF-BLGF ROs): Review, monitor, validate accuracy, ensure timely submission, and provide technical assistance
- Central Office (DOF-BLGF CO): Monitor financial performance, prepare consolidated reports, conduct financial analyses, maintain SRE and LIFT systems, initiate system improvements, and provide support
Roles and Responsibilities of DBM
- Regional Offices: Coordinate with local budget officers to gather data on current and proposed project expenditures; monitor compliance; assist in SRE preparations
- Central Office: Compute Internal Revenue Allotment (IRA) shares, submit to DOF-BLGF CO, and consolidate SREs for national government budget use
Roles and Responsibilities of DILG
- Facilitate LGUs’ compliance with preparation and submission of SREs
Roles and Responsibilities of LGUs
- Local Chief Executives: Ensure accuracy and timely submission of SRE and QRRPA
- Accountants: Certify actual receipts and expenditures; provide necessary financial data; consolidate barangay financial statements
- Budget Officers: Prepare estimated receipts and expenditures; encode projected expenditures in LIFT; review inputs of component cities and municipalities
- Treasurers: Submit SRE through LIFT; encode projected income and targets; review municipal treasurers' data for provinces; prepare barangay financial reports
- Assessors: Submit Quarterly Report on Real Property Assessment (QRRPA) via LIFT; provincial assessors review municipal and city data for consistency
Repealing Clause
- Repeals previous inconsistent issuances by DBM, DOF, and DILG
- Future issuances related to LGU SRE shall conform to this JMC
Resolution of Uncovered Cases
- Issues not addressed by this JMC shall be referred to DOF-BLGF for joint resolution by DBM, DOF, and DILG