Budgets of Local Units in Metropolitan Manila.
Section 17
SEC. 17. Budgets of Local Units in Metropolitan Manila.—Conformably with Presidential decree No. 477, otherwise known as the Decree on Local Fiscal Administration, local units in Metropolitan Manila shall formulate sound financial plans and their budgets shall, by and large, be based on functions, activities, and projects, in terms of expected results. The procedures for the adoption and implementation of the budgets, whether annual or supplemental, as prescribed by Chapter III, Budgeting, of Presidential Decree No. 477 and the implementing regulations thereof, shall be followed, subject to the pertinent provisions of Presidential Decree No. 824 and implementing circulars issued thereunder. The executive budgets prepared by the local chief executive for the general and infrastructure funds of the local government concerned shall cover current operating expenditures and capital outlays; Provided, however, That twenty percent (20%) of the estimated annual income from regular sources in the general fund of the city or municipality shall be set aside as local counterpart for the integrated public services and developmental projects of the Metropolitan Manila Commission. Remittances, however, shall be based on actual collections and effected within the first twenty (20) days following the end of the quarter.