Section 2
SEC. 2. In connection with the above, the Budget Commission shall perform the following functions: Analyze and review annual principal and supplemental budgets of provinces and cities to determine compliance with statutory and other mandatory requirements; Examine and process applications of local governments for cash advances and budgetary aids with respect to their budgetary implications, and prepare appropriate recommendations thereon; Examine and analyze provincial and city trial balances, books of accounts, and other financial reports, as may be necessary in the fulfillment of the budget function; Compile and tabulate statistical data, prepare and analyze consolidated financial statements of local governments, and review projections end forecasts of local government income and expenditures; Provide technical assistance to local governments in the preparation, authorization, execution and accountability phases of the budget process; Formulate and promulgate rules and regulations for the effective performance of all the foregoing functions; and Perform other related functions as may be assigned by competent authority. The Secretary of Finance shall continue to exercise the functions assigned to him under P. D. No. 477 pertaining to local government income, borrowings, other receipts, and local treasury operations.