Financial Highlights
The financial condition and results of operation of the Municipal Government of La Libertad
as of December 31, 2024, with comparative figures for CY 2023, are summarized as follows:
Statement of Financial 2024 2023 Increase/
Position (in ₱) (in ₱) (Decrease)
Assets 566,789,741.89 564,697,674.99 2,092,066.90
Liabilities 170,063,502.20 174,920,768.24 (4,857,266.04)
Government Equity 396,726,239.69 389,776,906.75 2,092,066.90
On the other hand, the Statement of Financial Performance reflects decreases in revenue and
surplus, as well as decreases in expenses, as shown below:
Increase/
Results of Operations 2024 2023
(Decrease)
Revenue 193,214,101.41 182,002,445.24 11,211,656.17
Personnel Services 58,073,083.77 59,198,444.88 (1,125,361.11)
Maintenance and Other 92,749,752.22 153,802,769.83 (61,053,017.61)
Operating Expenses
Non-cash Expenses 19,003,666.36 15,932,279.46 3,071,386.90
Net Financial Assistance/
(1,386,852.28) (9,892,157.21) 8,505,304.93
Subsidy
Non-operating Income 370,879.40 571,706.46 (200,827.06)
Net Surplus (Deficit) 22,371,626.18 (56,251,499.68) 78,623,125.86
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 La Libertad 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 ₱401,189,329.31 in the financial statements (FS) at year-end.
ii
