The City Accounting Office reported that the local government’s financial performance last year decreased by 31 percent compared to its 2022 net income.
Jennifer T. Bay-an, Accountant IV, said that in 2022, the local government’s net income was some P846.1 million compared to the only P581 million last year which reflected a significant decrease of 31 percent or by around P265 million.
She attributed the recorded reduction to the P262 million decrease in the city’s share from the National Tax Allotment (NATA), formerly the Internal Revenue Allotment (IRA), national wealth tax and economic zones.
The CAO official noted that it was a 16 percent decrease from 2022’s P1.603 billion compared to last year’s P1.341 billion.
According to her, overall, there was an 8.8 percent decrease in the city’s total revenue which is composed of tax revenues, shares from national government and economic zones, grants or donations to the local government, as well as the service, business, and other income from the city’s regular operations.
However, Bay-an added that there was a 4.1 percent decrease in the local government’s operating expenditures, covering the personal services and maintenance and other operating expenses (MOOE).
Despite the reported decrease, Bay-an claimed that there was a 204 percent increase in transfers, subsidies and assistance given by the city to national government agencies and local governments and other funds amounting to P145.8 million last6 year compared to only P47.9 million during the previous year.
The CAO prepares monthly trial balances and annual financial statements of the local government and the city’s 128 barangays.
Moreover, the said office also prepares quarterly and other special reports contributing to the city becoming a Seal of Good financial Housekeeping Awardee.
The CAO also reviewed and acted on 17,112 sets of financial documents, including payrolls, disbursement vouchers and liquidation reports, which is a marked increase of 17.77 percent from the 14,536 financial documents in 2022.
She claimed that in the process of recording financial transactions of the local government, the CAO has reviewed, classified and recorded 365 sets of daily collection reports, and prepared 21,530 journal entry vouchers spanning all funds and special accounts of the city which is more than the 20,800 documents prepared by the said office in 2022. By Dexter A. See
