Scope of Audit
An audit was conducted on the accounts and operations of the Municipal Government of
Basay for 2024. The audit consisted of verification, reconciliation, confirmation,
inspection, and analysis of accounts reported on the financial statements, review of
operating procedures, evaluation of the LGU’s programs and projects, interview of
concerned government officials and employees, and such other procedures considered
necessary.
Financial Highlights
The financial condition and results of operation of the Municipal Government of Basay as
of December 31, 2024, with comparative figures for 2023 are summarized as follows:
Statement of Financial Position
2024 2023 Increase/ (Decrease)
Assets ₱ 514,465,869.67 ₱ 503,058,794.49 ₱ 11,407,075.18
Liabilities 166,056,060.17 194,075,201.53 (28,019,141.36)
Equity ₱ 348,409,809.50 ₱ 308,983,592.96 ₱ 39,426,216.54
Results of Operations
Increase/
2024 2023
(Decrease)
Revenues ₱ 190,770,213.10 ₱ 151,854,528.37 ₱ 38,915,684.73
Personal Services 72,100,126.49 60,306,365.40 11,793,761.09
MOOE 108,699,009.57 100,255,242.43 8,443,767.14
Financial Expenses 14,115,781.41 11,075,475.33 3,040,306.08
Non-Cash Expenses 8,123,852.22 6,935,359.64 1,188,492.58
Transfers, Assistance
and Subsidy from (to) 48,374,361.45 18,494,731.09 29,879,630.36
Net Profit/ (Loss) ₱ 36,105,804.86 ₱ (8,223,183.34) ₱ 44,328,988.20
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 then ended, taking exception to the effects of the following:
The accuracy of the balance of Property, Plant and Equipment (PPE) accounts valued at
₱439.554.040.51, which include movable properties amounting to ₱66,016,501.17, cannot
be verified, because the one-time cleansing procedures were not completed, particularly the
conduct of physical count of the Municipality’s properties. Moreover, ₱133,995,806.25 of
the total PPE were not provided with annual depreciation, thereby overstating the asset and
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