Financial Highlights
The financial condition and results of operation of the Municipal Government of
Pamplona as of December 31, 2024, with comparative figures for 2023, are
summarized as follows:
Statement of Financial Position
2024 2023 Increase
Accounts
(in ₱) (in ₱) (Decrease)
Assets 640,647,792.49 615,405,369.03 25,242,423.46
Liabilities 188,449,379.99 170,059,323.13 18,390,056.86
Government Equity 452,198,412.50 445,346,045.90 6,852,366.60
Results of Operations
2024 2023 Increase
Accounts
(in ₱) (in ₱) (Decrease)
Revenue 203,562,912.54 190,948,172.99 12,614,739.55
Personnel Services (64,052,383.92) (60,028,984.47) 4,023,399.45
Maintenance and Other
(101,319,253.98) (94,688,439.82) 6,630,814.16
Operating Expenses
Financial Expenses (3,095,589.81) (3,544,125.08) (448,535.27)
Non-cash Expenses (15,757,084.35) (12,906,897.98) 2,850,186.37
Net Financial Assistance/
799,134.36 3,361,037.17 (2,561,902.81)
Subsidy
Net Surplus (Deficit) 20,137,734.84 23,140,762.81 (3,003,027.97)
Independent Auditor’s Report on the Financial Statements
We rendered a qualified opinion on the fairness of the presentation of the Financial
Statements for the year then ended, taking exceptions to the effects of the following:
1. The Local Government Unit (LGU) did not take advantage of the guidelines
and procedures on the one-time cleansing of Property, Plant and Equipment
(PPE), thus affecting the fairness of presentation of the financial position in
the financial statements and depriving the government of reliable and useful
information in decision-making and accountability for these assets.
2. Items of PPE with a total cost of ₱106,188,435.86 were not provided with
depreciation, hence, the municipality’s asset and equity accounts were
overstated by the amount of depreciation that should have been applied to
these assets.
3. Cash receipts for fund transfers from the National Government, amounting to
₱65,332,120.00, were not reported in the Statement of Cash Flows. Instead,
these amounts were deducted from the payments to suppliers, leading to
ii
