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 728,852,345.18 629,275,601.53 99,576,743.65
Liabilities 341,675,496.67 253,109,855.56 88,565,641.11
Government Equity 387,176,848.51 376,165,745.97 11,011,102.54
Likewise, the Statement of Financial Performance reflects increases in revenue, surplus, and
expenses, as shown below:
Results of Operations
Revenues 196,844,378.49 183,553,832.20 13,290,546.29
Personnel Services 62,048,577.50 64,220,618.06 (2,172,040.56)
Maintenance and Other
Operating Expenses 112,475,060.40 101,867,952.88 10,607,107.52
Non-cash Expenses 17,719,217.60 16,311,202.95 1,408,014.65
Financial Expenses 13,341,882.86 5,740,916.49 7,600,966.37
Net Financial Assistance/
22,520,381.03 14,193,158.81 8,327,222.22
Subsidy
Net Surplus (Deficit) 13,780,021.16 9,606,300.63 4,173,720.53
The following table illustrates decreases in the final budget or appropriations, as well as in
the actual amounts or obligations during the year:
Final Budget 243,103,156.54 260,125,251.25 (17,022,094.71)
Actual Amounts 201,421,132.44 205,555,787.12 (4,134,654.68)
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 December 31, 2024, taking exception to the effects of the following:
1. At least six completed projects under the General Fund, totaling ₱15,620,256.97, were
incorrectly recorded in the Construction in Progress (CIP) account instead of being
transferred to the appropriate asset account, due to insufficient monitoring and improper
documentation, resulting in an overstatement of the CIP account and an understatement
of the corresponding Property, Plant and Equipment (PPE) and depreciation expense
accounts.
ii
