LTOM 2nd Edition: Local Treasury Operations Manual Quiz and Flashcards

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What fundamental principle governs the financial affairs, transactions, and operations of LGUs?

Without any restrictions

Solely for private purposes

At the discretion of the LGU head

Following an appropriations ordinance or law (correct)

Which autonomy do LGUs enjoy in their economic enterprises?

Subject to external audits

Partial autonomy

Full autonomy (correct)

No autonomy

What is essential for LGUs to promote according to Section 16 of the LGC?

Economic prosperity and social justice (correct)

Corruption and inefficiency

Inequality and social unrest

Environmental degradation

What are LGUs supposed to ensure and support within their territorial jurisdictions?

Enhancement of public morals Signup and view all the answers

What should local government funds and monies be spent on according to the LGC?

Solely for public purposes Signup and view all the answers

What powers are LGUs expected to exercise under the LGC?

Only expressly granted powers Signup and view all the answers

What is the primary objective of the Local Treasurers Operations Manual (LTOM)?

To provide a comprehensive guide for Local Treasurers in managing financial affairs of LGUs. Signup and view all the answers

How many days after its publication in the Official Gazette or a newspaper of general circulation will this Order take effect?

15 days Signup and view all the answers

How many books comprise the LTOM, 2nd Edition?

4 Signup and view all the answers

Which of the following is NOT directed to implement the LTOM, 2nd Edition properly, efficiently and strictly?

Private financial institutions Signup and view all the answers

Which of the following statements about the LTOM is true?

It contains provisions that are paraphrased or quoted from relevant legal texts. Signup and view all the answers

Which of the following statements about the LTOM, 2nd Edition is TRUE?

It is a vital reference material for local treasurers. Signup and view all the answers

What is one of the objectives of the LTOM?

To enable Local Treasurers to appreciate their powers, functions, and authorities. Signup and view all the answers

What is the full name of the manual according to the text?

Local Treasury Operations Manual, 2nd Edition Signup and view all the answers

How is the information in the LTOM presented?

Valid portions of various laws and issuances are recast into a single provision. Signup and view all the answers

Which of the following stakeholders were involved in the development of the LTOM, 2nd Edition?

Selected provincial, city and municipal treasurers forming the Technical Working Group Signup and view all the answers

What is the purpose of the LTOM, 2nd Edition according to the text?

To compile the latest laws, policies and regulations affecting local finance operations Signup and view all the answers

Which of the following is NOT one of the objectives of the LTOM?

To provide a training curriculum for Local Treasurers on fiscal management. Signup and view all the answers

What must be furnished by the HRMOs of the LGUs to the CSCFO concerned for designations to critical positions?

A copy of the office order Signup and view all the answers

What is required for employees designated to positions with duties involving the practice of a profession?

They must possess the necessary professional license Signup and view all the answers

Can designees be granted the salaries of the positions they are being designated to?

No, they cannot be granted the salaries Signup and view all the answers

What allowances may be granted to designees, according to the text?

Representation and Transportation Allowances (RATA) or Extraordinary and Miscellaneous Expenses (EME) Signup and view all the answers

What condition must be met for allowances such as RATA or EME to be granted to designees?

The grant of the allowance must be specifically stated in the designation order Signup and view all the answers

Which experience gained from designation shall be credited as relevant experience for purposes of appointment?

Only experience gained from designation compliant with the stated rules Signup and view all the answers

What is the primary responsibility of the Cash Division?

Disburse obligations such as salaries and wages Signup and view all the answers

What is the purpose of the daily consolidated report of collections and deposits?

To track the daily cash position of the province Signup and view all the answers

Which of the following is NOT a responsibility of the Cash Division?

Preparing budget proposals for the PTO Signup and view all the answers

What is the purpose of the daily report of checks issued (RCI)?

To monitor the issuance of checks for various obligations Signup and view all the answers

What is the purpose of the eSRE quarterly reports?

To report the receipts and expenditures of the province to the BLGF Signup and view all the answers

What is the responsibility of the Local Economic Enterprise Division?

The passage does not provide any information about the Local Economic Enterprise Division Signup and view all the answers

Study Notes

Autonomy and Powers of LGUs

LGUs have full autonomy in exercising proprietary functions and managing economic enterprises, subject to limitations in the LGC and other applicable laws.
LGUs have the power to exercise functions granted by law, as well as those implied or necessary for efficient governance and promotion of general welfare.

Responsibilities of LGUs

Preserve and enrich culture
Promote health and safety
Enhance the right to a balanced ecology
Encourage and support scientific and technological capabilities
Improve public morals
Enhance economic prosperity and social justice
Promote full employment among residents
Maintain peace and order
Preserve the comfort and convenience of inhabitants

Financial Affairs of LGUs

Governed by the following fundamental principles and policies:
- No money shall be paid out of the local treasury except in pursuance of an appropriations ordinance or law
- Local government funds and monies shall be spent solely for public purposes

Local Treasury Operations Manual (LTOM)

A compendium of the latest laws, policies, rules, and regulations affecting local finance and treasury operations of LGUs
A dynamic and responsive reference material for local treasurers
Developed in consultation with local treasurers and key stakeholders

Designation of Local Treasurers and Assistant Local Treasurers

Authority to designate an Acting/OIC/ICO Provincial, City or Municipal Treasurer, or their respective Assistants, is delegated to the concerned BLGF Regional Director
Subject to the confirmation of the BLGF Executive Director, in accordance with established rules and procedures
Designation of employees to positions with duties involving practice of profession requires the necessary professional license

Duties and Functions of Local Treasurers

Prepare Budget Proposals of the PTO, including the Project Procurement Management Plan (PPMP), Annual Supplies Procurement Plan (ASPP), and other related reports
Prepare and submit reports as may be required by the BLGF
Perform other duties and functions that may be assigned

Cash Division

Disburse obligations, such as salaries and wages, allowances and honorarium
Prepare checks for disbursement of various obligations of the Province
Receive daily collections, including payments on real property tax paid by property owners
Prepare daily consolidated report of collections and deposits and attach the list of checks for deposit
Deposit daily to authorized government depository banks (AGDBs) all collections received from collectors or remitted by different collecting offices

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on the Local Treasury Operations Manual (LTOM) 2nd Edition and related regulations in the Philippines. This quiz covers topics like implementation directives, publication requirements, and roles of different offices involved.

Local Treasury Operations Quiz