Duties and Management of Public Funds by Disbursing Officers
- Disbursing officers must deposit public monies entrusted to them with the Treasurer or designated depositories.
- Withdrawals must be by warrant on the Treasury and only in favor of legitimate payees.
- All disbursements must comply strictly with applicable laws and approvals.
Recovery of Unpaid Funds
- If an accountable person neglects or refuses to pay due funds into the Treasury upon demand, the Auditor must institute suit to recover the amount.
- Interest of 6% per annum accrues from receipt of money until repayment.
Accountability and Reporting
- All officers or agents receiving public money must render detailed accounts to the Insular Auditor in accordance with appropriations.
Lost, Stolen, or Destroyed Checks
- Disbursing officers are authorized to issue duplicate checks after three months and within one year of loss/theft/destruction of original checks.
- Duplicate checks require proof of loss, notice, and indemnity bonds prescribed jointly by the Auditor and Treasurer.
Procedures when Issuer of Lost Check is Unavailable
- If the disbursing officer who issued the lost check is deceased or separated from service, the Auditor will credit the rightful owner and charge the amount to the officer’s account or "outstanding liabilities".
Dormant Accounts and Reversion of Funds
- Accounts unchanged for one year without deposits or withdrawals must be remitted to the Treasury.
- Upon Treasurer’s certificate, accounts are credited back to the entitled officer.
Reporting Requirements for Treasury and Disbursing Officers
- Treasurer and depositories must submit biannual reports on all accounts, naming depositors, account balances, last credits/debits.
- Disbursing officers must report all outstanding unpaid checks over one year with complete details.
Harmonization with Existing Laws
- This Act’s provisions shall be construed harmoniously with Act Numbered Ninety (the governing financial rules).
Enactment Provisions
- The Act's enactment has been expedited due to public necessity.
- Effective immediately upon passage.