Secretary of Finance Cesar V. Purisima and Secretary of Budget and Management Florencio B. Abad have issued Joint Circular (JC) No. 2015-1 setting the guidelines in the adoption of modified Statement of Receipts and Expenditures (SRE) format to be used in local government budgeting.
The SRE, which is installed in the local treasury offices in all provinces, cities and municipalities and maintained by the DOF’s Bureau of Local Government Finance (BLGF), is the official financial monitoring and reporting system of the DOF for local governments.
Under the new circular, the SRE report to be submitted by LGUs to the DBM will cover a three-year period which will be accomplished by the local treasurers for the actual year, and the accountants and budget officers for the current and proposed budget years.
The joint circular also delineates the roles and responsibilities of the DBM and the DOF-BLGF, including their respective central and regional offices, and the LGU officials in the preparation of the SRE reports.
“By streamlining the reporting format, we’ve successfully developed an updated classification system to facilitate the uniform treatment of accounts. The fact that we’ve harmonized LGU financial reports also helps local treasurers, budget officers, and accountants work with greater efficiency and accuracy,” Purisima said.
