Financial Highlights
The financial condition and results of operation of the Municipal Government of Jimalalud as
of December 31, 2024, with comparative figures for CY 2023, are summarized as follows:
2024 2023 Increase
Accounts
(in ₱) (in ₱) (Decrease)
Statement of Financial Position
Assets 610,136,249.10 486,063,848.21 124,072,400.89
Liabilities 142,087,816.64 45,591,098.71 96,496,717.93
Government Equity 468,048,432.46 440,472,749.50 27,575,682.96
On the other hand, the Statement of Financial Performance reflects increases in revenue,
expenses, and surplus, as shown below:
Results of Operations
Revenue 166,963,742.81 156,990,884.37 9,972,858.44
Personnel Services 60,122,380.76 58,570,643.72 1,551,737.04
Maintenance and Other 60,783,739.53 61,572,349.03 (788,609.50)
Operating Expenses
Non-cash Expenses 7,070,220.38 4,408,796.50 2,661,423.88
Net Financial Assistance/ (5,838,108.49) (5,390,738.64) (447,369.85)
Subsidy
Non-operating Income 372,952.00 138,358.96 234,593.04
Net Surplus (Deficit) 33,522,245.65 27,186,715.44 6,335,530.21
Independent Auditor’s Report on The Financial Statements
The Auditor rendered a qualified opinion on the fairness of the presentation of the financial
statements for the year ended, due to the effects of the following exceptions, as discussed in
Part II of this Report:
1. The Municipality of Jimalalud did not conduct the physical count of Property, Plant, and
Equipment (PPE) as provided under the guidelines and procedures on the one-time
cleansing of PPE, thus affecting the fairness of presentation of the PPE accounts amounting
to ₱401,762,927.72 in the financial statements (FS) at year-end.
ii
