For the computation of depreciation, a residual value is computed at 10% prior to 2022. The
new residual value of 5% of the cost of the asset was applied to assets not yet fully depreciated
(change of estimate) and new acquisition for the year.
Property, Plant and Equipment are carried at cost less accumulated depreciation. No provision
for depreciation for property, plant and equipment purchased before CY 2002.
Physical Inventory count is conducted by the LGU Inventory committee annually.
Various projects were undertaken during CY 2023 which explains the increase in Infrastructure
Assets as well as purchase of several machinery and transportation equipment.
Note 10 – Biological Assets
2024 2023
Breeding Stocks ₱1,473,839.49 ₱913,352.41
Plants and Trees 8,216,122.39 8,216,122.39
Aquaculture 2,637,662.32 2,637,662.32
Total ₱12,327,624.20 ₱11,767,137.12
Biological Assets includes Breeding stocks, rehabilitation of open areas, upland reforestation
and mangrove protection.
Note 11 – Intangible Assets
This account represents Business Permit and Licensing System.
Note 12 – Financial Liabilities
2024 2023
Current Non-Current Current Non-Current
Accounts Payable ₱70,076,367.21 0.00 ₱81,030,513.11 0.00
Due to Officers and
8,581,582.24 0.00 8,635,911.44 0.00
Employees
Loans Payable - Domestic 0.00 505,608,000.00 0.00 225,000,000.00
Total ₱78,657,949.45 ₱505,608,000.00 ₱89,666,424.55 ₱225,000,000.00
Accounts Payable represents claims by various suppliers for goods delivered and services
rendered as of December 31, 2024. Due to Officers and Employees Account represents
reimbursement claims by city officials and employees for supplies and materials and travel
expenses, payment of overtime services, other personnel benefits and other reimbursable
expenses. Loans Payable – Domestic represents loan granted by LBP for Lot Acquisition and
Construction of Sports Complex, payable for 15 years at an interest rate of 6.25%.
Note 13 – Inter-Agency Payables
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