Republic of the Philippines
Province of Negros Oriental
MUNICIPALITY OF JIMALALUD
Notes to Financial Statements
As of December 31, 2024
Note 1 - Profile
The Municipality of Jimalalud is one of the 19 municipalities comprising the province of
Negros Oriental. History of the province revealed that it was created as a barangay by
virtue of a Letter of Declaration of Fernando Cuevo, Hepe Politico de los Isla de Negros
in 1781. It became a Municipality thru a Royal Decree in 1800.
Jimalalud is located some 97.7 kilometers north of Dumaguete City, the provincial capital
of Negros Oriental. It is classified as a fourth-class municipality effective November 20,
2001, pursuant to Department of Finance Memorandum Circular No. 01-M (54) dated
January 28, 2002. It is comprised of 28 barangays with a population of 23,514 and a total
land area of 186.3 square kilometers.
Pursuant to Republic Act 7160, known as the Local Government Code of 1991, the
municipality, like other local government units, enjoys total independence in managing,
deciding, and planning its own administrative, fiscal, and development affairs in
conformity with the government’s thrust for sustainable social and economic growth.
For calendar year 2022, the municipality formulated plans and programs to socially and
economically improve the lives of the constituents. Funds were allocated for the provision
of basic services and facilities to include social welfare services, agriculture, infrastructure
facilities, public market, tourism facilities, and other tourism attractions.
Note 2 -Statement of Compliance and Basis of Preparation of Financial Statements
The consolidated financial statements of the LGU have been prepared in accordance with
and comply with the International Public Sector Accounting Standards (IPSAS). The
consolidated financial statements are presented in pesos, which is the functional and
reporting currency of the LGU. The accounting policies have been applied starting the
year 2015. As such, this is the first set of financial statements that is compliant with the
IPSAS.
The Financial Statements have been prepared on the basis of historical cost, unless stated
otherwise. The SCBAA and the Notes to FS are attached components of the FS of the
municipality. The Statement of Cash Flows is prepared using the direct method.
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