Republic of the Philippines
Province of Negros Oriental
CITY OF TANJAY
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024
Note 1 – Profile
1.1 The City of Tanjay was created on April 01, 2001 under Republic Act 9026.
1.2 The Local Government Unit of the City of Tanjay is a non-profit and a public
service oriented organization. Section 3 of Republic Act 9026 provides that the
City constitutes a political body corporate and as such is endowed with the
attributes of perpetual succession and possessed of the powers, which pertains
to a corporation to be exercised in conformity with the provision of this Charter.
The City shall have the following corporate powers:
a. To have a continuous succession in its corporate name;
b. To sue and be sued;
c. To have and use a corporate seal;
d. To require, hold and convey real or personal property;
e. To enter into any contracts and/or agreements; and
f. To exercise such other powers, prerogatives or authority subject to the
limitations provided in this Act or laws.
Furthermore, Section 4 of the same Republic Act provides that the City shall have a
common seal and may alter the same at pleasure. It shall exercise the powers to levy
taxes; to close and open roads, streets, alleys, parks or squares; to take, purchase,
receive, hold, lease, convey and dispose of real and personal property for the general
interests of the City; to expropriate or condemn private property for public use; to
contract and be contracted with, to sue and be sued; to prosecute and defend to final
judgment and execution suits wherein the City is involved or interested in and to
exercise all the powers as are granted to corporations or as hereinafter granted.
Note 2 – Financial Statement
2.1 The consolidated financial statements of the LGU have been prepared in
accordance with and comply with the International Public Sector Accounting
Standards (IPSAS). The consolidated financial statements are presented in
pesos, which is the functional and reporting currency of the LGU.
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