Public Lands Secretary Sixto K. Igisomar has sought the assistance of Finance Secretary David DLG Atalig to bring DPL into compliance with a public law that requires the creation of a DPL Operations Fund account.<\/p>\n
In his letter to Atalig, Igisomar related that DPL\u2019s auditor has been citing DPL year after year for not having an operations account as required under Public Law 15-02. This has prompted Igisomar to ask Atalig to help him make DPL come into compliance with the law to avoid this finding in future audits.<\/p>\n
In its latest report last December, Deloitte and Touche, an independent auditor hired by the Office of the Public Auditor to look into DPL\u2019s finances for the fiscal year that ended on Sept. 30, 2019, found that DPL is noncompliant with P.L. 15-02.<\/p>\n
Deloitte said that, without that DPL Operations Fund, DPL is unable to produce reliable and relevant financial information.<\/p>\n
The DPL Operations Fund\u2014as required by P.L. 15-02\u2014shall be maintained by Finance and DPL is required to deposit all revenues it receives in such Fund and all of DPL\u2019s operational expenses shall be paid from that Fund.<\/p>\n
Igisomar said that in reviewing correspondences on this matter between the previous Finance secretary and his (Igisomar\u2019s) predecessors, it appears they were at the tail end of establishing the \u201cDPL Operations Fund account by adding Finance as a co-holder of DPL\u2019s existing accounts at the Bank of Guam. However, Igisomar said, that process was not completed for unknown reasons.<\/p>\n
Igisomar said DPL intends to comply with the law and he acknowledges it provides Finance the authority to maintain the account.<\/p>\n
He recognized that DPL cannot unilaterally restructure its existing accounts to name Finance as an account co-holder with DPL as the expenditure authority.<\/p>\n
Igisomar requested Atalig to help in completing the process of transforming DPL\u2019s existing accounts at BOG to serve as the \u201cDPL Operations Fund\u201d account.<\/p>\n
If Atalig has a more efficient alternative to establishing DPL\u2019s operations fund account, Igisomar said they are open to discussing it.<\/p>\n","protected":false},"excerpt":{"rendered":"
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