interview of concerned government officials and employees, verification, reconciliation,
confirmation, inspection and analysis of accounts, and such other procedures considered
necessary.
In compliance with the General Audit Instructions dated 30 October 2024 of the Office of the
Assistant Commissioner, Local Government Sector and in the Specific Audit Instructions
dated 11 November 2024 of the Office of the Regional Director, Local Government Audit
Sector, the following were the significant thrust areas that were looked into:
1. Cash in Bank
2. Cash, Local Treasury
3. PPE
4. Inventories
5. Accounts Payable
6. Taxes withheld from employees and suppliers and remittances to the Bureau of
Internal Revenue in accordance with RA No. 8424 and its IRR under BIR RR No.
02798
7. Premium contributions and loan amortization to the Government Service Insurance
System and Home Development Mutual Fund in accordance with RA No. 8291 and
RA No. 9679, respectively
8. Premium contributions and remittance to PhilHealth in accordance with RA No.
7875, as amended
Financial Highlights
The financial condition and results of operation of the City as at December 31, 2024, with
comparative figures for 2023, are summarized as follows:
Amount (₱)
Account/Particulars
2024 2023 Increase/(Decrease)
Assets 3,408,701,365.28 3,056,294,157.65 352,407,207.63
Liabilities 804,258,002.90 516,615,997.85 287,642,005.05
Equity 2,604,443,362.38 2,539,678,159.80 64,765,202.58
Revenue 940,802,925.44 889,821,021.60 50,981,903.84
Personal Services 331,959,944.75 296,166,640.57 35,793,304.18
Maintenance and Other 414,323,004.15 406,812,832.23 7,510,171.92
Operating Expenses
Financial Expenses 1,920,795.80 2,039,975.96 (119,180.16)
Non-cash Expenses 105,736,786.69 170,823,097.70 (65,086,311.01)
Net Subsidy (29,510,707.66) (3,791,029.63) (25,719,678.03)
Surplus/(Deficit) 57,351,686.39 10,187,445.51 47,164,240.88
ii
