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Cebu City has P14B, $1M from Osmeña’s term

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Former Cebu City mayor Tomas Osmeña left P14 billion and $1 million according to the City Treasurer’s Office, The Freeman reported.

Arlene Rentuza, former city treasurer, said the amounts include money from the general fund (P11.5 billion), trust fund (P1.4 billion), and special education fund (P1.1 billion).

The money in the general fund came from the P3.5 billion first installment payment from the firms that bought 45.5 hectares of lots at the South Road Properties (SRP), the P3.2 billion second payment, and the P143 million interest.

The money in the trust fund came from the P20 million peso account for the “Piso, Mo Hospital Ko” project, the P98 million from the Philippine Amusement and Gaming Corp. account, and the P469.56 million Bus Rapid Transit project fund, among others.

The dollar amount, on one hand, represents the $368,275.55 current dollar account and $635,796.32 time deposit of Bigfoot for its rental for lots at the SRP, and the trust fund of Piso Mo, Hospital Ko amounting to $55,240.77.

“There is money in peso at P14,045,992,647.59. This is unaudited and unreconciled since it’s the accounting office that will come up with the final amount after bank reconciliation. There is also a dollar deposit amounting to $1,059,312.64 from the rental fees of Bigfoot and Piso Mo Hospital Ko,” said Rentuza.