Scope of Audit
An audit was conducted on the accounts and operations of the Municipal Government of
Mabinay for 2024. The audit consisted of a review of operating procedures, evaluation of the
LGU’s programs and projects, interview of concerned government officials and employees,
verification, reconciliation, confirmation, inspection, and analysis of accounts, and such other
procedures considered necessary.
Financial Highlights
A comparative analysis of the Statement of Financial Position, as illustrated below, showed
increases in assets and equity and a decrease in liabilities:
Accounts 2024 2023 Increase
(in ₱) (in ₱) (Decrease)
Assets 1,775,149,622.87 1,524,532,651.23 250,616,971.64
Liabilities 737,286,210.08 570,123,611.97 167,162,598.11
Equity 1,037,863,412.79 954,409,039.26 83,454,373.53
On the other hand, the Statement of Financial Performance reflects decreases in revenue
surplus, and expenses, as shown below:
Accounts 2024 2023 Increase
(in ₱) (in ₱) (Decrease)
Revenue 361,336,958.10 335,326,788.64 26,010,169.46
Personnel Services 138,535,631.46 126,468,329.99 12,067,301.47
MOOE 191,513,645.68 132,521,692.07 58,991,953.61
Non-Cash Expenses 14,940,283.25 15,278,052.75 (337,769.50)
Financial Expenses 25,257,855.47 17,413,044.45 7,844,811.02
Transfers, Assistance, and
54,925,546.69 15,909,102.93 39,016,443.76
Subsidy From
Transfers, Assistance, and
5,459,465.90 10,212,701.00 (4,753,235.10)
Subsidy To
Net Surplus/(Deficit) 40,555,623.03 49,342,071.31 (8,786,448.28)
The following table illustrates increases in the final budget or appropriations and actual
amounts or obligations during the year:
2024 2023 Increase
Particulars
(in ₱) (in ₱) (Decrease)
Final Budget 464,592,010.59 576,590,365.03 (111,998,354.44)
Actual Amounts 362,726,021.22 473,247,783.87 (110,521,762.65)
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