Financial Highlights
A comparative analysis of the Statement of Financial Position, as illustrated below, showed
increases in assets, liabilities, and equity:
2024 2023 Increase
Accounts
(in ₱) (in ₱) (Decrease)
Statement of Financial Position
Assets 487,325,519.10 439,599,830.23 47,725,688.87
Liabilities 123,194,285.72 76,129,703.09 47,064,582.63
Government Equity 364,131,233.38 363,470,127.14 661,106.24
On the other hand, the Statement of Financial Performance reflects increases in revenue and
expenses, and a decrease in the surplus, as shown below:
Results of Operations
Revenues 163,563,145.79 154,879,628.06 8,683,517.73
Personnel Services 68,814,358.99 66,060,881.80 2,753,477.19
Maintenance and Other
Operating Expenses 110,545,507.21 87,747,520.33 22,797,986.88
Non-cash Expenses 27,287,945.38 22,918,702.71 4,369,242.67
Financial Expenses 2,463,003.61 1,259,673.80 1,203,329.81
Net Financial Assistance/
Subsidy 42,438,087.96 29,015,040.52 13,423,047.44
Net Surplus (Deficit) (3,109,581.44) 5,907,889.94 (9,017,471.38)
The following table illustrates decreases in the final budget or appropriations and an increase
in actual amounts or obligations during the year:
Final Budget 255,298,819.78 351,050,838.37 (95,752,018.59)
Actual Amounts 220,992,010.71 171,986,830.72 49,005,179.99
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 ended, taking exceptions to the effects of the following:
1. Semi-expendable properties acquired and issued prior to CY 2024, with a total carrying
amount of ₱3,199,594.81, were not reclassified in accordance with the provisions of
COA Circular No. 2024-006 dated March 14, 2024, thereby overstating the Property,
Plant, and Equipment (PPE) accounts and the Equity account by the same amount, and
compromising the accuracy and reliability of the financial statements as of December 31,
2024.
ii
