The City Council, during last Monday’s special session, approved on third and final reading a proposed ordinance earmarking more than P2.74 billion as the annual budget of the local government for 2024.
The 2024 annual budget of the local government is 14 percent or P335 million higher than the P2.409 million 2023 appropriations for this year.
The estimated income from local and external sources as certified by the local fiancé committee which are beginning balance – P50 million; local internal sources such as tax revenue – P630,810,000.00; non-tax revenue – P565,977,000.00 and external sources such as shares from national tax allotment – P1,234,987,171.00; share from economic zones – P250,000,000.00 and share from the Philippine Charity Sweepstakes Office (PCSO) – P3,500,000.00.
The aforesaid income is 14 percent higher than the 2023 income estimates and included in the non-tax revenue is an amount of P103 million representing the estimated increment of the proposed amendment of business permit fees, for submission and consideration of the council.
The estimated income will support various expenditure items for the efficient and effective dispensation of basic services such as personnel services – P935 million or a 4 percent increase from the previous year to cover the salaries, benefits, allowances and other compensation of local government officials and employees; maintenance and other operating expense – P1,179,501,171.00; capital outlay – P75,939,000.00 local development fund P410,000,000.00 local disaster risk reduction and management fund among others.
The said budget took into consideration the guidelines prescribed by Department of Budget and management (DBM) Local Budget Memorandum No. 87 dated June 9, 2023 for the 2024 budget preparation.