Scope of Audit
An audit was conducted on the accounts and operations of the Municipal Government of
Santa Catalina for 2024. The audit consisted of verification, reconciliation, confirmation,
inspection, and analysis of accounts reported on the financial statements, review of
operating procedures, evaluation of the LGU’s programs and projects, interview of
concerned government officials and employees, and such other procedures considered
necessary.
Financial Highlights
The financial condition and results of operation of the Municipal Government of Santa
Catalina as of December 31, 2024, with comparative figures for 2023 are summarized as
follows:
Statement of Financial Position
2024 2023 Increase/ (Decrease)
Assets ₱ 1,812,468,342.21 ₱ 1,671,814,284.42 ₱ 140,654,057.79
Liabilities 283,361,811.49 255,528,904.18 27,832,907.31
Equity ₱ 1,529,106,530.72 ₱ 1,416,285,380.24 ₱ 112,821,150.48
Results of Operations
2024 2023 Increase/ (Decrease)
Revenues ₱ 384,634,489.37 ₱ 365,175,854.08 ₱ 19,458,635.29
Personal Services 116,886,122.24 108,987,662.42 7,898,459.82
MOOE 168,272,526.14 148,553,496.90 19,719,029.24
Financial Expenses 317,307.00 18,000.00 299,307.00
Non-Cash Expenses 69,082,435.95 59,678,340.93 9,404,095.02
Transfers, Assistance and Subsidy from (to) 1,522,146.74 818,090.78 704,055.96
Net Profit/ (Loss) ₱ 31,598,244.78 ₱ 48,756,444.61 ₱ (17,158,199.83)
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 exception to the effects of the following:
The accuracy of the balance of the Property, Plant and Equipment accounts valued at
₱1,128,712,417.76 is unreliable due to unreconciled discrepancies between the actual count
and the figures reported in the financial statements, including movable properties valued at
₱2,666,049.75.
The unreconciled balances of the Certified List of Taxpayers and Amounts Due and
Collectible for the year and the Real Property and Special Education Tax Receivables led
to the overstatement thereof by ₱22,098,576.94.
ii
