RESOLUTION NO. 2023-0253 (Sponsor: Honorable Ann Marjorie N. Revelo) "A RESOLUTION AUTHORIZING THE HONORABLE CITY MAYOR AND THE CITY TREASURER TO OPEN, ESTABLISH AND MAINTAIN, FOR THE CITY GOVERNMENT OF PAGADIAN, A SPECIAL SAVINGS ACCOUNT WITH ANY GOVERNMENT BANKS THAT CAN OFFER A HIGHER INTEREST RATE WITH REFERENCE TO THE IDENTIFIED IDLE FUNDS AS CERTIFIED BY THE LOCAL FINANCE COMMITTEE" WHEREAS, pursuant to Section 98 of BLGF-DOF's Local Treasury Operations Manual which provides that any idle cash may be invested in a short-term investment such as special savings deposit with any of the Local Government Unit depository banks so as to generate income without having the funds exposed to risk or loss, the Honorable City Mayor and the City Treasurer sought for authority from the Sangguniang Panlungsod to open and maintain a Special Savings Account with any government banks who can offer a higher interest rate, and allow the transfer thereto of the identified idle funds of the City Government-which idle funds is duly certified to by the Local Finance Committee; WHEREAS, upon careful perusal and evaluation, this body, finding importance and urgency of the foregoing request, deems it appropriate to support the proposal to transfer the identified idle funds of the City Government to a special savings account with a higher interest rate provided that appropriate safeguards be adopted to sustain and maintain fiscal efficiency and viability of city government's operations with the remaining cash balance; NOW, THEREFORE, on seconded motion of Honorable Ann Marjorie N. Revelo, be it RESOLVED to authorize, as this body hereby authorizes the Honorable City Mayor and the City Treasurer to open, establish and maintain, for the City Government of Pagadian, a Special Savings Account with any government banks who can offer a higher interest rate with reference to the identified idle funds as certified by the Local Finance Committee. RESOLVED, FURTHER, to require the Office of the City Treasure to adopt and establish appropriate safeguards to sustain the fiscal efficiency and viability of City Government operations notwithstanding the maintenance of the Special Savings Account. RESOLVED, FINALLY, to let copies of this Resolution be forwarded to His Honor, City Mayor Samuel S. Co, and Ms. Nona Grace E. Duran, City Treasurer, for their information, guidance and/or appropriate action. APPROVED UNANIMOUSLY. I HEREBY CERTIFY to the correctness of the foregoing resolution. BALDOMERO FERNANDEZ City Vice Mayor/Presiding Officer Verified: JESUS B. BAJAMUNDE, JR. SP Member/Floor Leader Attested: ELKID P. NACUA Secretary to the Sangguniang Panlungsod