Financial Highlights
The financial condition and results of operation of the LGU as at December 31, 2024 with
comparative figures for 2023 are summarized as follows:
2024 2023 Increase/(Decrease) %
Assets 5,447,489,049.61 4,979,606,091.89 467,882,957.72 9.40%
Liabilities 1,222,438,143.11 1,123,209,006.31 99,229,136.80 8.83%
Equity 4,225,050,906.50 3,856,397,085.58 368,653,820.92 9.56%
Moreover, the Statement of Financial Performance presented both increase in revenue and
expenses, as shown below:
Increase/
2024 2023 %
(Decrease)
Revenue 1,243,787,223.05 1,169,988,050.30 73,799,172.75 6.31%
Expenses 950,861,597.17 871,473,488.47 79,388,108.70 9.11%
Surplus
(Deficit)
from
current
operations 292,925,625.88 298,514,561.83 (5,588,935.95) (1.87%)
Transfers,
Assistance
and
Subsidy
From/(To) 76,834,135.43 46,561,963.30 30,272,172.13 65.01%
Surplus
(Deficit)
for the
period 369,759,761.31 345,076,525.13 24,683,236.18 7.15%
Independent Auditor’s Report on the Financial Statements (FS)
We rendered a qualified opinion on the fairness of the presentation of the FS for the year
then ended, taking exception to the effects of the following:
a. The existence and accuracy of the inventory accounts totaling ₱109,420,217.02 as
of December 31, 2024 could not be fully ascertained because of the non-conduct of
a physical count of inventories, incomplete report of issuances, incomplete Supplies
Ledger Cards (SLCs) and Stock Cards (SCs), and inclusion of dormant items
amounting ₱19,815,169.11, thus, overstating the asset and equity accounts;
b. The accuracy and reliability of the Road Networks account totaling ₱97,548,062.80
could not be ascertained due to incomplete inventory reports, ledger and property
cards, absence of depreciation and non-disclosure of the total road networks in the
Notes to the Financial Statements, contrary to COA Circular No. 2015-008 dated
November 23, 2015, thereby affecting the fair presentation of the account in the
ii
