Financial Highlights
A comparative analysis of the Statement of Financial Position, as illustrated below, showed
increases in assets, liabilities, and equity:
2024 2023 Increase
Accounts
(in ₱) (in ₱) (Decrease)
Statement of Financial Position
Assets 2,324,583,763.47 1,581,037,683.33 743,546,080.14
Liabilities 1,750,210,348.77 1,072,989,633.98 677,220,714.79
Government Equity 574,373,414.70 508,048,049.35 66,325,365.35
On the other hand, the Statement of Financial Performance reflects increases in revenue,
surplus, and expenses, as shown below:
Results of Operations
Revenues 208,435,582.79 194,142,948.19 14,292,634.60
Personnel Services 52,342,407.38 50,334,247.08 2,008,160.30
Maintenance and Other Operating
Expenses 70,786,969.03 57,442,290.31 13,344,678.72
Non-cash Expenses 9,941,093.19 9,338,973.93 602,119.26
Financial Expenses 525,894.68 650,513.07 (124,618.39)
Net Financial Assistance/ Subsidy (3,107,000.00) (7,333,561.00) 4,226,561.00
Net Surplus (Deficit) 71,732,218.51 69,043,362.80 2,688,855.71
The following table illustrates decreases in the final budget or appropriations and actual
amounts obligated during the year:
Final Budget 403,670,248.55 429,441,263.70 (25,771,015.15)
Actual Amounts 192,105,059.42 221,423,563.18 (29,318,503.76)
Independent Auditor’s Report on the Financial Statements
We rendered a qualified opinion on the fairness of the presentation of the financial statements
for the year ended taking exceptions to the effects of the following:
1. At least 186 completed infrastructure projects, comprising 33 projects under the Trust
Fund (₱207,195,565.98) and 153 under the General Fund (₱42,292,425.04), were not
properly reclassified from Construction in Progress (CIP) to the appropriate Property,
Plant, and Equipment (PPE) accounts upon completion, resulting in significant
overstatements in CIP balances and understatements in PPE and depreciation expense
accounts in the financial statements.
2. Entries for the Special Education Tax (SET) totaling ₱9,589,520.80 were recorded in the
General Fund’s books instead of the Special Education Fund’s books, thus affecting the
fair presentation of the SET Receivable and Deferred SET Income accounts in the
financial statements at year-end.
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