TABLE OF CONTENTS

Page
Part Subject No.

I Audited Financial Statements

 Independent Auditor’s Report 1
 Statement of Management’s Responsibility for Financial Statements 3
 Statement of Financial Position 4
 Statement of Financial Performance 5
 Statement of Changes in Net Assets/Equity 6
 Statement of Cash Flows 7
 Statement of Comparative Budget and Actual Amounts (SCBAA) 8
 Notes to Financial Statements 10

II Observations and Recommendations 36

III Status of Implementation of Prior Year’s Audit Recommendations 59

IV Appendices
1 - Statement of Financial Position (By Fund) 70
2 - Statement of Financial Performance (By Fund) 71
3 - Statement of Changes in Net Assets/Equity (By Fund) 72
4 - Statement of Cash Flows (By Fund) 73
5 - Schedule of Undercollection Due to Non-Imposition of Penalties 74
6 - Schedule of Undercollection Due to Errors in Computation of Discounts
and Penalties 76