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confirmation, inspection and analysis of accounts, and such other procedures considered
necessary.

In compliance with the General Audit Instructions dated October 30, 2024 of the Office of the
Assistant Commissioner, Local Government Sector and in the Specific Audit Instructions
dated November 11, 2024 of the Office of the Regional Director, Local Government Audit
Sector, the following were the significant thrust areas that were looked into:

        Cash in Bank;
        Cash Local Treasury;
        Property, Plant, and Equipment – Road Networks, Procurement of Vehicles;
        Inventories;
        Accounts Payable;
        Inter-Agency Payables – Due to National Government Agencies (NGAs);
        Advances to Officers and Employees;
        Local Disaster Risk Reduction and Management Fund;
        Taxes withheld from employees and suppliers and remittances to the Bureau of
         Internal Revenue (BIR) in accordance with R.A. No. 8424 and its Implementing
         Rules and Regulations under BIR Revenue Regulations No. 02798;
        Premium contributions and loan amortization to the Government Service Insurance
         System and Home Development Mutual Fund in accordance with R.A. No. 8291 and
         R.A. No. 9679, respectively;
        Premium contributions and remittance to PhilHealth in accordance with R.A. No.
         7875, as amended;
        Audit of Official Development Assistance in accordance with R.A. No. 8182;
        Local Government Support Fund - Support to the Barangay Development Program
         of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC);
         and
        NTF-ELCAC Funds.

Financial Highlights

The financial condition and results of operation of the City as at December 31, 2024, with
comparative figures for 2023, are summarized as follows:

                                                        Amount (₱)
      Account/Particulars
                                      2024                 2023        Increase/(Decrease)
 Assets                           5,553,802,226.37    5,106,658,001.67      447,144,224.70
 Liabilities                      1,345,925,602.31    1,077,343,472.31      268,582,130.00
 Equity                           4,207,876,624.06    4,029,314,529.36      178,562,094.70
 Revenue                          1,052,599,978.69      985,270,658.60       67,329,320.09
 Personal Services                  255,810,036.59      230,463,131.58       25,346,905.01
 Maintenance       and   Other      362,286,209.39      311,427,483.63       50,858,725.76
 Operating Expenses
 Financial Expenses                  21,945,215.39           29,550.00        21,915,665.39
 Non-cash Expenses                   75,284,278.96       64,670,166.57        10,614,112.39
 Net Subsidy                         37,726,188.80     (12,629,756.72)        50,355,945.52



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