Financial Procedures.
Section 107
SEC. 107. Financial Procedures.— (1) The barangay treasurer shall collect all taxes due or unpaid including real property taxes, fees and other charges and contributions accruing to the barangay treasury for which he shall issue official receipts and shall deposit all collections with the city or municipal treasury within a period of one week after receipt thereof: Provided, That he collects the real property tax due in his own barangay after being deputized by the treasurer concerned for the purpose. He shall disburse the same in accordance with the budget and upon resolution of the sangguniang barangay, upon vouchers signed by the payee and approved by the punong barangay, and subject to the availability of funds in the barangay treasury and to all existing and applicable auditing rules and regulations. All other funds collected for a specific purpose shall be considered as special trust fund and may be deposited in the name of the barangay with the nearest depository bank in the area. (2) The barangay treasurer may be authorized by the sangguniang barangay to make direct purchases amounting to not more than three hundred pesos at any time for the ordinary and essential needs of the barangay. The petty cash that the barangay treasurer may be authorized to hold for the purpose shall not exceed twenty percent of the funds available and to the credit of the barangay treasury. (3) The financial records of the barangay shall be kept in the office of the city or municipal treasurer in simplified manner as prescribed by the Commission on Audit. Representatives of the Commission on Audit shall annually audit such accounts or as often as may be necessary and make a report of the audit to the sangguniang barangay and to the sangguniang bayan or sangguniang panlungsod, as the case may be. The Commission on Audit shall prescribe and put into effect simplified procedures for barangay finances within a reasonable time following the effectivity of this Code.