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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO.
348 - RELATIVE TO THE CLOSING OF BOOKS OF ACCOUNTS OF GOVERNMENT
AGENCIES
TO
: The Acting Commissioner of the Budget
The Acting Chairman, Commission on Audit
Preparatory to the implementation of a Calendar Year Budget for 1977 as provided for under Presidential Decree No. 777, I hereby direct:
1. The Commission on Audit and the agencies concerned to close the books of accounts of government agencies as of December 31, 1975 and as of December 31, 1976, in addition to the regular closing of books as of June 30, 1976. However, the unobligated appropriations as of December 31, 1975 should not revert to unappropriated surplus. The Commission on Audit is further directed to see to the preparation of financial statements covering government operations for Fiscal Year 1976 (ending June 30, 1976) and for Calendar Year 1976 (ending December 31, 1976).
2. The Budget Commission to review agency financial requirements and submit a budget covering CY 1976, taking into account the reduced program of expenditures for FY 1976, results of operation in the first semester of FY 1976, and the provisions of Presidential Decree No. 777 limiting July-December 1976 appropriations to not more than 50% of the current operating expenditures programmed for FY 1976.
3. The Budget Commission to review the continuing appropriations accumulated under existing appropriations laws, and to submit its findings and recommendations pertaining to CY 1976.
4. Both Offices to issue the necessary rules and regulations to implement the said Presidential Decree No. 777 by January 5, 1976.
DONE in the City of Manila, this 19th day of December, in the year of Our Lord, nineteen hundred and seventy-five.
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