Accumulated
Acquisition
Account Name Depreciation
Cost
per FS
Land Improvement
Other Land Improvement ₱ 4,602,846.15 ₱ 0.00
Flood Control Systems 9,538,642.43 0.00
Power Supply Systems 1,578,490.55 0.00
Seaport Systems 8,378,857.24 0.00
Parks, Plazas, and Monuments 7,544,673.85 0.00
Other Infrastructure Assets 12,279,224.53 0.00
Buildings and Other Structures
Buildings 34,577,629.63 0.00
School Buildings 12,939,146.92 0.00
Hospitals and Health Centers 3,003,221.24 0.00
Markets 22,493,209.94 0.00
Machinery and Equipment
Machinery 846.50 0.00
Agricultural and Forestry Equipment 40,638.00 0.00
Military, Police, and Security Eqpt. 55,000.00 0.00
Medical Equipment 420,135.00 0.00
Sports Equipment 132,520.00 0.00
Technical and Scientific Equipment 3,288.95 0.00
Furniture, Fixtures, and Books
Books 183,500.00 0.00
Total ₱117,771,870.93 ₱ 0.00
2.4. Due to the foregoing deficiencies, the PPE balance totaling ₱295,064,476.35 as of
December 31, 2024, is not reliable nor fairly presented in the financial statements.
2.5. This is a reiteration of the observation embodied in the CY 2021 Annual Audit
Report. The significant increase in the discrepancy between the PPE Lapsing
Schedule and the Financial Statements indicates the agency’s disregard for the prior
year’s recommendations.
2.6. We reiterated our recommendation and the Municipal Accountant agreed to
verify, review, and analyze its depreciation schedule, taking into consideration
the provisions provided under PAG 4 and PAG 6 of IPSAS 17 to arrive at an
accurate and reliable carrying balance of the PPE, and thereafter prepare the
appropriate adjusting entries.
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